Crypto analyst predicts new litecoin highs after 2023 halving

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Altcoins
Crypto analyst predicts new litecoin highs after 2023 halving

According to Rekt Capital, a well-known cryptocurrency trader and analyst, the price of litecoin (LTC) may be on its way to a new all-time high (ATH). Rekt made this forecast based on the past performance of LTC. He projected in a tweet that the LTC price would hit a new high in over 400 days after the second halving.

Rekt: history has a date with litecoin

Rekt investigated the historical history of LTC in his study, from which he derived his forecast. Historically, LTC price surges have been more spectacular following halving occurrences than before. He points out that the price of LTC increased by 14,200% after the initial halving. Similarly, days after the second halving, the price increased by 1,574%. New price records were set on both occasions.

Rekt’s LTC price forecast comes amid the customary anticipation that a halving event is on the horizon. The next halving of LTC is projected to occur in July 2023. This is the third halving since the cryptocurrency’s inception in October 2011.

The first halving of LTC happened in August 2015, when the block reward was decreased from 50 LTC to 25 LTC. The second one occurred in August 2019, lowering the block reward to 12.5 LTC. The block reward will be reduced again after the second halving in July 2023. This time, it will be 6.25 LTC.

An LTC breakout will likely happen in 2024

In more extensive research, Rekt estimates that an LTC breakout might take up to a year after halving. According to him, LTC has a historical post-halving range of 458 to 578 days before a flight. From a more significant viewpoint, he observes that this will occur after the 2024 bitcoin (BTC) halving.

Rekt further broke down the LTC price forecast over the coming months into five halving concepts. Pre-halving rallies, local top months before halving, strong backtracks after local top, post-halving stabilization in the accumulation range, and powerful post-halving rallies to new ATHs are examples.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.