- Litecoin rally may persist for 40 more days, says cryptocurrency trader.
- LTC price has historically surged before halving events.
- The Wolf predicts LTC price to surpass $190 before next halving event.
According to a cryptocurrency trader known as Bluntz (@Bluntz_Capital) on Twitter, the current Litecoin rally may persist for an additional 40 days. Bluntz’s forecast is based on the historical price patterns of Litecoin leading up to the previous two halving occurrences.
According to the analytical data presented by Bluntz, it has been observed that the LTC price has experienced substantial gains leading up to the halving event, with both instances occurring approximately 50 days prior. In 2019, the price surged by an impressive 300% before undergoing a slight correction. These findings provide valuable insights for investors and traders alike.
The Litecoin halving is a pre-programmed event that occurs within the Litecoin protocol, reducing the block reward miners earn for validating transactions on the Litecoin network. This event takes place every four years, with the block reward being halved. The upcoming Litecoin halving is anticipated to occur on July 26, 2023.
A fellow trader, known as “The Wolf” on Twitter (@WolfOfPoloniex), expressed a more optimistic outlook regarding a potential surge in Litecoin’s value. He confidently stated that the festivities had only just begun.
The Wolf has generously shared a chart analysis screenshot, showcasing his expert prediction that the LTC price will continue to honor its current upward trendline. With great confidence, he anticipates that the price will surpass its yearly high of $105.69 and soar above $190 before the next halving event. This insightful analysis is a testament to The Wolf’s astute market knowledge and unwavering dedication to his craft.
Throughout the majority of 2023, Litecoin’s price trajectory has remained relatively stagnant. A promising surge in value propelled the cryptocurrency from $70.1 to a yearly high of $105.69 in the first quarter. However, by the close of March 2023, LTC had relinquished all of its gains and plummeted to a low of $65.39, as reported by TradingView data.
Following its yearly low, the price of LTC has been oscillating between two pivotal levels, currently resting at $92.49 as of this writing. The LTC community on Crypto Twitter agrees with traders’ forecasts of a substantial surge leading up to the halving event, with several members sharing their analyses.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
