Key Takeaways:
- Popular crypto analyst believe Litecoin (LTC) will more than double its price in the coming days
- A part of the optimism surrounding LTC comes ahead of its halving event early next month
- The price of Litecoin has rallied over 50% in the past 30 days
YEREVAN (CoinChapter.com) — In an optimistic projection for the future of Litecoin (LTC), prominent crypto analysts predict that the digital asset is poised to put up a massive rally ahead of its big halving event. According to Michael van de Poppe, who has gained a mass following in the industry, LTC will rally to more than double its current price to reach the $200 mark.
Another analyst, Crypto Tony, sees Litecoin sprinting toward $140 in what is almost certain to be a pre-halving rally.
Since 2023 began, Litecoin has enjoyed the steady support of traders, rallying over 57% year to date. At the time of writing, the LTC price hovered a little around the $110 mark, according to CoinMarketCap.
The impressive price action became more evident as June came to a close, with LTC printing a series of green candles not seen in a long time.
However, if one is to believe Poppe, the surge is far from over.
“The markets are waking up and Litecoin is on its way to $200,”
he wrote.
In a subsequent tweet, he also shared a chart, along with his predictions for the future of the popular altcoin.
According to his chart, which indicates further potential gains for the cryptocurrency, Litecoin (LTC) could sustain this breakout and potentially surge toward the $250 mark.
This bullish sentiment is underpinned by several key factors that contribute to the analyst’s positive outlook on Litecoin’s potential for growth.
Also Read: Crypto Funding Crashes 90% in a Year — What Does it Mean for Altcoin Market?
Strong investor sentiment ahead of Litecoin halving
Traders seem to agree with the analysts. According to the cryptocurrency investment research platform Token Metrics, investor sentiments for the LTC is pretty high. Many of them are currently filling their coffers up with the altcoin in anticipation of a rally.
The upcoming Litecoin halving is rapidly approaching, scheduled for August 2, 2023. The price of LTC has surged by nearly 300% since the previous halving event in 2019, according to on-chain data.
The Litecoin halving holds significant importance for investors. Once complete, it will reduce Litecoin’s block rewards by 50%. Block rewards refer to the incentives received by Litecoin miners for maintaining the blockchain’s operation.
Presently, each block yields miner rewards of 12.5 LTC, according to Dubai-based cryptocurrency exchange Bybit. As a result, miners will receive a reduced amount of 6.25 LTC per block after the halving.
However, as the FOMO factor kicks in among the traders, LTC could see a temporary price rehearsal. Many early and short-term investors will sell their tokens to cash out necessary profits. This can see the price of the altcoin drop back to around the $90 mark before picking up again.
As crypto analysts weigh in with their predictions, it seems the stage is set for Litecoin to rally above the $200 mark.
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