Litecoin (LTC) price has soared over 110% in a year, with over 50% rally coming within a month. Litecoin historical data indicates LTC price tends to rally a few weeks prior to its halving and fall even more quickly after the halving event.
Several top analysts and traders such as Peter Brandt noted Litecoin’s 30% jump in a day, breaking its yearly high above $114. He said “major breakout” in LTC price. Litecoin currently trades at $106.
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Popular crypto analyst Rekt Capital on July 4 shared the historical price action of Litecoin near its halving events. During the last two halving events, LTC price rallied a few weeks ahead of halving and fell significantly immediately after the halving. It fell 73% in 2015 and 83% in 2019.
However, LTC price tends to rally after consolidating for months. Thus, traders need to keep a close eye on the price action.
$LTC Pre-Halving Rally update#LTC has reached Multi-Year Downtrend (orange)
But LTC has overextended past the Downtrend in previous tops (yellow circle)
Soon final overextension before Pre-Halving top occurs in next weeks?
Followed by deep retrace (~70%)#Crypto #Litecoin https://t.co/XUz1Woukog pic.twitter.com/id5RnjOMb3
— Rekt Capital (@rektcapital) July 4, 2023
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Meanwhile, Michael van de Poppe predicts LTC price to continue upside momentum. However, he is interested to get an add-on going at $99-102 on this one. It will offer an opportunity for investors to accumulate Litecoin at the dip as it moves up near its halving.
Litecoin creator Charlie Lee predicted LTC to outperform Bitcoin after the Litecoin halving event in August. He predicted at least a 10% rally in LTC price against BTC, with LTC/BTC price at 0.025. Currently, LTC/BTC price is trading at 0.003, way below the targeted price.
As per the Litecoin halving countdown, halving is expected to happen on August 2 at 21:53:57 UTC. Currently, the LTC block reward is 12.5 coins per block and will decrease to 6.25 coins per block post-halving.
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