Amsterdam-based crypto analyst and trader Michael van de Poppe believes that, soon enough, LTC and other top altcoins "should take off." Here is what may propel them to show a price rise, according to his tweet.
"Bitcoin ready to break upwards"
Poppe believes that the leading cryptocurrency Bitcoin is "ready to break upwards." All the liquidity has been taken, per the analyst, and now that BTC has managed to recover the $30,500 level, Poppe says "we will fly to range highs." This should also push up the price of Litecoin and similar coins, according to the tweet.
Still, Poppe admits that if Bitcoin drops back below the psychological level of $30,000, it is likely to fall lower and roll back to $29,300.
#Bitcoin ready to break upwards.— Michaël van de Poppe (@CryptoMichNL) July 13, 2023
Back to support, all liquidity taken (and fairly said, if we drop sub $30,000, we'll crack towards $29,300 but that seems an overcrowded trade.
Back above $30,500 and we'll fly to range highs and things like $LTC should take of. pic.twitter.com/ok4yay7J4N
Litecoin halving drawing closer
Slightly more than two weeks remain before the next Litecoin halving event takes place. This year, the day when LTC proof-of-work miners' rewards will drop by half is Aug. 2. Instead of 12.5 LTC, each block will produce 6.25 LTC coins from that point on for another four years.
These halvings are programmed before a crypto is launched to make it more deflationary. Since Litecoin is a spinoff of Bitcoin; its creator Charlie Lee copied the scheme from Satoshi Nakamoto's BTC.
Litecoin is not the only crypto that was in for a halving; the previous halvening happened to another PoW anonymous crypto called DASH. Bitcoin halvening is expected in April-May 2024.
Whales accumulating BTC and stablecoins
Per data shared by Santiment and Glassnode analytics companies, shark and whale addresses have either been actively accumulating Bitcoin or preparing to do so.
According to Santiment, sharks and whales have been laying their hands on USDP and DAI stablecoins; this increases the probability of future purchases of crypto. As for Glassnode data, analyst Ali Martinez shared a chart that indicates that over the past four months, approximately 40 new Bitcoin wallets have emerged. Each of them holds from $30 million to $300 million worth of Bitcoin.