Less than a month left before the Litecoin halving: what to expect from the LTC price
Date: 2023-07-05 Author: Karina Ziganova Categories: BLOCKCHAIN
There are less than 30 days left until the next Litecoin halving. As it approaches, leading analysts and rank-and-file members of the crypto community share their LTC price predictions.
The next Litecoin halving is scheduled for August 3, 2023. While the countdown is underway, popular crypto analysts Rekt Capital and IntoCryptoVerse turned to historical data to predict the price movement of LTC.
Benjamin 'IntoTheCryptoVerse' Cowan expects Litecoin to continue to grow
Popular crypto analyst Benjamin Cowen IntoTheCryptoVerse shared his Litecoin price prediction with 750k followers. In a tweet on July 4, he said that in the year of halving, LTC has historically approached highs in June/July.
In the chart above, Cowan noted the points at which the asset's price peaked before the previous two halvings in 2015 and 2019.
Rekt Capital expects a major correction after the halving
Rekt Capital is another well-known crypto analyst who gave a bullish prediction for the price of Litecoin. In a June 4 tweet, he said that LTC tends to reach the top a few weeks before the halving
However, he warned that usually the price of Litecoin dropped significantly immediately after this important event.
Miners are actively increasing LTC stocks
Miners have also taken a bullish stance towards Litecoin. According to on-chain metrics, between June 1 and July 4, they replenished their holdings with 270,000 coins. At the current price of $108, their value is about $30 million
Such a long accumulation indicates that miners are hoping for a further increase in the price of the asset.
The price of Litecoin could rise to $120
On the eve of the halving on August 5, 2015, the price of LTC peaked on July 10 at $7.54, and then dropped to $4.40 on the day of the event. A similar pattern was observed during the 2019 cycle. On June 23, Litecoin soared to $142 and then corrected to $93. The downtrend after the halving continued for several months, and only after that the asset entered another rally in January 2020.
If the historical trend repeats itself, LTC still has the opportunity to rise to $120. However, the resistance of $110 is a major problem. As you can see in the chart below, 200,000 addresses bought 2.09 million coins at an average price of $109.56.
However, the bears have every chance to seize control and bring down the price below $100 immediately after the halving. However, first they will have to cope with the support of 85,000 wallets that purchased 331,000 Litecoin at a price of $103. In case of a successful breakdown of this level, the asset may sink to $92.
