Introduction
Renowned crypto trader and analyst, Michael van de Poppe, has provided his insights on Litecoin (LTC) in a recent Twitter post. Poppe analyzed an LTC chart on TradingView and highlighted a significant "sweep of the low" for Litecoin, often referred to as "digital silver" in the cryptocurrency space. To witness a potential acceleration in LTC's price, Poppe suggests that it needs to surpass the levels of $98.50 to $99.50.
Anticipating the Upcoming Litecoin Halving Event
Litecoin is on the brink of an approaching halving event, which occurs every four years, similar to Bitcoin. The halving event is scheduled for August 2nd and will reduce the amount of LTC produced (miners' rewards) by half. Hence, the event is known as "halving" or "halvening." Currently, miners receive 12.5 LTC per block, but after the halving, this reward will decrease to 6.25 LTC. Earlier this year, the privacy-focused cryptocurrency DASH also underwent a halving, while Bitcoin is expected to experience one in April or May of next year.
Features of the Litecoin Halving Event
Scarce and Deflationary Nature
In theory, a halving can make a cryptocurrency scarcer and more deflationary, potentially leading to price appreciation. Bitcoin's halving in spring 2020 resulted in its price surging to a new all-time high in April 2021, followed by a further jump to the historic peak of $69,000 in October 2021. Considering these historical trends, the upcoming Litecoin halving event raises expectations for a potential price increase.
Rise of Litecoin Holders Ahead of Halving
Litecoin reached its most recent all-time high of $412.96 on May 10, 2021. Presently, LTC is trading approximately 76.39% below that peak, with a price of $97.52 following a 2.79% rise in the past 24 hours, as reported by CoinMarketCap. Recent data from Santiment reveals an increasing number of LTC whale addresses as the halving event draws nearer. Over the past five months, 32 new wallets holding 10,000 LTC or more have emerged, contributing to the rise in LTC millionaire addresses.
Conclusion
As the countdown to Litecoin's halving continues, market participants eagerly await further developments and monitor the potential impact and litecoin price prediction after halving event. With the rise in Litecoin holders and the anticipation of reduced mining rewards, the stage is set for an explosive breakout in the near future.
P_S_trade analyst noted on Trading View about litecoin predictions that it may hit $173 by the end of the year as it attempts to break free of a macro-falling trendline. P_S_trade does, however, also draw attention to the potential for a second attempt at the resistance line, this time acting as a support level, prior to the halving event.
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