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Litecoin (LTC) May Break out Once It Surpasses This Level: Prominent Analyst

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Tue, 11/07/2023 - 15:07
Litecoin (LTC) May Break out Once It Surpasses This Level: Prominent Analyst
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Prominent crypto trader and analyst Michael van de Poppe has taken to Twitter to share a Litecoin chart with his price prediction.

Looking at an LTC chart on TradingView, the analyst noted that there is a "nice sweep of the low" for Litecoin, also known as "digital silver," in the crypto space. According to Poppe, in order to get things to accelerate, LTC needs to break through the $98.50-$99.50 levels.

Litecoin halving coming soon

A Litecoin halving is approaching; this programmed event happens every four years, as with Bitcoin, and it is going to reduce the amount of produced LTC (the value of miners' rewards) by half. From this, comes the name "halving" or "halvening."

The event will take place on Aug. 2, and miners will produce 6.25 LTC instead of 12.5 LTC now. Earlier this year, the anonymous cryptocurrency DASH also conducted a halving. The leading digital currency Bitcoin is expected to perform a halving in April-May next year.

Since halving makes a cryptocurrency more scarce and deflationary, in theory, there is a chance of the price going up. Last time, when Bitcoin halving took place in the spring of 2020, the price went up to a new all-time high in April 2021, then it jumped to the next historic peak, $69,000, in October 2021.

Related

Litecoin millionaires emerge ahead of halving

Litecoin's latest all-time high was reached on May 10, 2021, and it was the $412.96 price level. At the moment, LTC is trading 76.39% below that peak, changing hands at $97.52 after a 2.79% rise within the last 24 hours, according to CoinMarketCap.

According to data recently shared by Santiment, as the halving event draws nearer, the number of LTC whale addresses has been increasing too. Within the past five months, the amount of LTC millionaire addresses has increased as 32 news wallets holding 10,000 LTC or more have emerged.

Besides, according to IntoTheBlock, Litecoin holders have been showing great confidence in LTC, as around 13% of all the LTC in circulation is unmoved for the past five years.

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