• A trader who accurately predicted the 2023 crypto rally has now forecasted a massive surge in Litecoin (LTC).
•DonAlt believes that LTC could rapidly surge by over 100% if it manages to break out of its current range.
• The upcoming Litecoin halving is expected to happen on August 2nd of this year.
Trader Predicts Massive Litecoin (LTC) Surge
A trader who skillfully rode this year’s crypto turnaround is updating his outlook on the peer-to-peer payments network Litecoin (LTC). Pseudonymous crypto strategist DonAlt tells his 486,900 Twitter followers that he believes that the time is ticking for Litecoin to make a move. According to the crypto analyst, Litecoin could rapidly surge by over 100% if it manages to break out of its current range.
DonAlt’s Forecast For LTC
DonAlt says that if LTC breaks its “cursed level” at $90 then “we’ll be at $200 faster than you can imagine.” At time of writing, Litecoin is trading for $91.40, up over 2% in the last 24 hours. However, DonAlt notes that the current market environment makes it difficult for LTC bulls to ignite a rally before or during the upcoming halving event.
Upcoming Halving Event
The upcoming Litecoin halving is expected to happen on August 2nd of this year. This event will reduce block rewards from 25 LTC per block mined down to 12.5 LTC and will affect prices as miners have reduced production costs and therefore less incentive to sell their holdings into circulation which may lead to an increase in prices due to scarcity and higher demand from investors looking for long-term gains ahead of the event itself.
Price Action To Note
At time of writing, Litecoin is trading for $91.40, up over 2% in the last 24 hours so any further price action should be closely monitored as we approach the halving event in August which could potentially cause an increase in prices if enough investors are buying into this narrative beforehand and providing enough liquidity for traders looking for quick profits prior or post-halving date respectively.
Risk Of Losses
Although DonAlt sees massive upside potential for Litecoin, investors should note that there is still a risk of potential losses when investing in cryptocurrencies and digital assets as markets are highly volatile and unpredictable so caution should always be exercised when entering into positions within these asset classes regardless of how bullish analysts may appear about certain projects at certain times throughout their respective cycles/timeframes..