With the next halving event now less than 30-days away, Litecoin (LTC) price hit another 2023 peak of $114 Monday. The recent activities of LTC miners and comments from top crypto analysts provide insights into the potential price movements as the Litecoin halving countdown unfolds.
The next Litecoin halving event is slated for August 2, 2023. As the countdown unfolds, popular crypto analysts Rekt Capital and IntoCryptoVerse deployed historical on-chain data to make data-driven projections ahead of the landmark event.
Benjamin ‘IntoTheCryptoVerse’ Cowen Anticipates More Litecoin Price Gains
Popular crypto analyst Benjamin Cowen tweeted his Litecoin halving price projection at his 750,000 followers via @IntoTheCryptoVerse on July 4.
In the tweet, he captioned the price chart below, saying:
“LTC has historically topped out in June/July of its halving year.”
Litecoin halvings occur in 4-year cycles. With the chart above, Benjamin Cowen painted a bullish projection by outlining how the points where LTC price had peaked ahead of two prior halving cycles in 2015 and 2019.
Rekt Capital Expects Major Downswing After the Halving
Rekt Capital is another prominent crypto analyst who made a bullish Litecoin prediction as the halving countdown edges closer. On June 4, he shared a tweet that read, “LTC tends to top a few weeks prior to its Halving”
However, he adds a bearish post-halving caveat, saying that LTC tends to retrace significantly after its Halving. Hence, as seen above, the analysts appear to be positioning to buy LTC now and sell once the Having event approaches.
Litecoin Halving Countdown Sends Miners Into an Accumulation Spree
Another group of Litecoin stakeholders taking a bullish stance ahead of the halving event are the LTC miners. On-chain data reveals that the miners have been on an accumulation spree since the start of June.
The IntoTheBlock chart below shows that they have added 270,000 coins to their reserves between June 1 and July 4.
With the price currently sitting at $108, the newly added coins could be worth approximately $30 million. This prolonged accumulation indicates that the miners are looking to pile up on their reserves before their rewards get slashed in half.
LTC Halving Price Prediction: More Upswide Toward $120 Before Major Correction
Ahead of the halving event on August 5, 2015, LTC price peaked at $7.54 on July 10 before sliding toward $4.40 on the halving date.
A similar pattern occurred during the 2019 cycle. LTC price peaked at $142 on June 23, 2015, before sliding toward $93 on the halving date of August 5. The post-halving downtrend continued for a few months before Litecoin entered another rally in January 2020.
If this historical trend reoccurs, Litecoin still has room to rise toward $120 ahead of the halving. However, the $110 resistance poses a strong challenge. As seen below, 200,000 investors bought 2.09 million LTC coins at an average price of $109.56.
But if the bullish momentum strengthens, LTC price could soar above $120 as the halving countdown ticks on.
Still, given the historic trends, the bears could seize control and force a downswing below $100 once the halving even approaches.
But first, the bears will have to contend with the initial buy-wall of around $103. At that zone, 85,000 investors that bought 331,000 coins at the average price of $103 could offer some support.
However, if the bearish momentum holds sway, then LTC may retrace as low as $92.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
