Popular cryptocurrency trader and analyst Michael van de Poppe shared a Litecoin chart on Twitter along with his price forecast.
The analyst saw a “nice sweep of the low” for Litecoin, popularly known as “digital silver,” in the cryptocurrency market when looking at an LTC chart on TradingView. According to Poppe, LTC has to surpass the $98.50-$99.50 levels in order for things to go forward more quickly.
Litecoin halving coming soon
As with Bitcoin, a Litecoin halving is about to take place, which will cause the number of LTC created (and the value of miners’ payouts) to be cut in half. The term “halving” or “halvening” is derived from this.
The event will occur on August 2 and miners will instead create 6.25 LTC as opposed to the current 12.5 LTC. The anonymous cryptocurrency DASH also carried out a halving earlier this year. In April or May of next year, the most popular digital currency Bitcoin is anticipated to undergo a halving.
In principle, the price of a cryptocurrency might increase since halving makes it more rare and deflationary. When Bitcoin’s price was halved the last time in the spring of 2020, a new all-time high was reached in April 2021, then in October 2021, it soared to another record high of $69,000.
Litecoin millionaires emerge ahead of halving
The $412.96 price level was the most recent all-time high for Litecoin as of May 10, 2021. According to CoinMarketCap, LTC is currently trading 76.39% behind that high, changing hands for $97.52 after increasing by 2.79% during the last 24 hours.
Santiment recently provided statistics showing that as the halving event approaches, there are also more LTC whale addresses. The number of LTC millionaire addresses has grown over the last five months as 32 new wallets containing 10,000 LTC or more have surfaced.
Additionally, according to IntoTheBlock, holders of Litecoin have been demonstrating a high level of faith in LTC since 13% of the total supply has remained in circulation for the previous five years.
