Litecoin Could See 200% Spike Before August Halving

As the Litecoin LTC/USD halving event approaches in August, anticipation around how it will impact the cryptocurrency’s price action continues to mount.

What Happened: Pseudonymous analyst BlockchainSanta on Tuesday said that LTC may experience a potential 200% upside in the days leading up to the halving, based on the cryptocurrency’s historic performance during previous halving events.

See More: The Art Of The Future: Lisa Ray’s TheUpsideSpace Bring NFTs To Center Stage

"Likely a good idea to start buying spot LTC in May, as history tends to rhyme," the analyst tweeted.

$LTC – Halvening in August

Historically, #LTC has rallied up to +200% leading up to its halving, and with #Litecoin set for its next halving in August, Santa is observing this very closely. 👀🤝

Likely a good idea to start buying spot $LTC in May, as history tends to rhyme… pic.twitter.com/jIJalxr749
— Crypto Santa (@Blockchainsanta) May 15, 2023

If LTC lives up to these historic expectations, it could be worth more than $250.

Why It Matters: On-chain data from Santiment reveals that long-term holders are responsible for most of the recent buying activity. However, this does not guarantee the absence of potential short-term sell pressure.

Price Action: At the time of writing, LTC was trading at $91, up 3.31% in the last 24 hours, according to Benzinga Pro data.

Market News and Data brought to you by Benzinga APIs

The Only Monthly Membership With a Positive ROI!

-

-

-

-

-

-

-

The Only Monthly Membership With a Positive ROI!

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Litecoin Could See 200% Spike Before August Halving, Says Crypto Analyst: 'History Tends To Rhyme'

Comments