Litecoin, a well-known cryptocurrency, is preparing for an important event – the halving, scheduled for August 2023. In anticipation of the halving, Litecoin’s founder, Charlie Lee, is optimistic about Litecoin’s potential to experience a substantial price surge against Bitcoin. Lee predicts that LTC/BTC could rally up to 0.025 BTC, an increase of over 700%, during the next bull cycle. In this Litecoin price prediction, we explain why this might occur.
Is Litecoin a Good Altcoin?
Litecoin has performed well since its record lows versus Bitcoin in June 2022, increasing by 85%. However, Litecoin’s value is still about 90% below its record high of 0.051 BTC from November 2013, due to rising competition in the altcoin market. With the halving approaching, Litecoin has a chance to reverse this trend and regain some of its lost value.
Litecoin Halving: How will Litecoin Halving affect LTC?
Litecoin’s upcoming halving event, scheduled for August 2023, is creating anticipation and optimism in the crypto community. The halving event will cut Litecoin’s block reward to miners by 50%, from 12.5 LTC to 6.25 LTC. The reduction in the number of newly minted coins will make Litecoin scarcer on the market, potentially driving up its price.
Historically, Litecoin’s halving events have prompted traders to accumulate LTC, leading to a significant price increase. For instance, the first halving event in August 2015 preceded a 450% price rally against Bitcoin. However, if we want to be conservative, LTC can reach at least the next resistance price of around $150, making a 66% return over 3-4 months.
Litecoin Price Prediction 2023
Despite the mixed performance of Litecoin in previous halving events, technical indicators and predictions suggest that Litecoin may be well-positioned for a rebound after retesting its multimonth ascending trendline as support. Litecoin’s price is currently undervalued relative to its fair value.
Lee is optimistic about Litecoin’s potential to experience a substantial price surge against Bitcoin, with Litecoin having “higher throughput by design, scalability with extension blocks, better fungibility, and privacy”. Lee predicts that LTC/BTC could rally up to 0.025 BTC, an increase of over 700%, during the next bull cycle. He expects Litecoin’s upside target to be around 10% (0.025 LTC/BTC) and for it to reach 5% (0.0125) in the next bull market. However, he does not expect the price to go below 1% (0.0025) on the downside.
You Bought Litecoin..Now what?
We all thought that exchanges are decent companies that do proper due diligence and cash flow management. However, the recent events proved that any centralized company is prone to bankruptcy. That’s why the old saying of “not your keys, not your cryptos” is resurfacing back.
We recommend after purchasing your Litecoin to transfer them to your own offline private wallet, one such as Trezor. They are safe, secure and cheap.
Conclusion: is Litecoin up for a BIG UPTREND?
Litecoin’s halving event is creating a buzz in the crypto market, and many analysts and investors are optimistic about its potential to increase in value. Technical indicators and previous halving events suggest that Litecoin has a chance to perform well in the coming months. Lee’s prediction of a 700% surge against Bitcoin may be ambitious, but it is not impossible given Litecoin’s features and potential for growth.