The latest Litecoin rally could continue for another 40 days, according to a cryptocurrency trader with Twitter identity Bluntz (@Bluntz_Capital). Bluntz’s prediction stems from historical Litecoin’s price behavior ahead of the last two halving events.
Analytical data shared by Bluntz shows that both times the LTC price made significant gains until about 50 days before the halving event. In 2019 especially, the price climbed by more than 300% before staging a pullback.
Litecoin halving is an event programmed into the Litecoin protocol that reduces the block reward earned by miners for verifying transactions on the Litecoin network. The event happens every four years, and the block reward gets reduced by half. The expected date for the next Litecoin halving is July 26, 2023.
Another trader with the Twitter identity “The Wolf” (@WolfOfPoloniex) was more bullish in his prediction of a significant Litecoin rally. According to him, the party is just getting started.
The Wolf shared the screenshot of a chart analysis where he expects the LTC price to respect the upward trendline supporting its current trend. He predicts the price will break through the LTC yearly high of $105.69 and climb above $190 before the next halving event.
Litecoin’s price trend has been sideways for most of 2023. An initial price surge pushed the price from $70.1 to the yearly high of $105.69 in the first quarter. Before the end of March 2023, the LTC lost all the gains and registered a low of $65.39, according to data from TradingView.
Since achieving the yearly low, LTC’s price has trended between these two crucial levels, settling at $92.49 at the time of writing. Many of the LTC community members on Crypto Twitter agree with the traders’ predictions of a significant rally ahead of the halving event, with some of them sharing their independent analysis.
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Source: Cryptocurrency - investing.com
