Michael van de Poppe, a cryptocurrency analyst and trader based in Amsterdam, thinks that LTC and other leading cryptocurrencies “should take off” shortly. He tweeted that this is what could encourage them to announce a price increase.
“Bitcoin ready to break upwards”
Poppe thinks that Bitcoin, the most popular cryptocurrency, is “ready to break upwards.” The expert claims that all of the available liquidity has been consumed, and Poppe predicts that “we will fly to range highs” now that BTC has managed to regain the $30,500 barrier. The tweet claims that this will raise the value of Litecoin and comparable currencies.
However, Poppe acknowledges that Bitcoin is likely to fall further and roll back to $29,300 if it dips below the psychological milestone of $30,000.
Litecoin halving drawing closer
Before the subsequent Litecoin halving, there are little over two weeks left. The incentives for LTC proof-of-work miners will decrease by 50% on August 2 of this year. From that moment forward, for the next four years, each block will generate 6.25 LTC coins instead of 12.5 LTC coins.
Before a cryptocurrency is released, these halvings are engineered to increase deflation. Since Litecoin is a derivative of Bitcoin, Charlie Lee, the project’s inventor, based his LTC on Satoshi Nakamoto’s BTC.
Not only did Litecoin face a halving, but another PoW anonymous cryptocurrency called DASH also underwent one in the past. In April or May 2024, the value of bitcoin will double.
Whales accumulating BTC and stablecoins
According to information provided by the analytics firms Santiment and Glassnode, whale and shark addresses have either been actively acquiring Bitcoin or are planning to do so.
Santiment claims that sharks and whales have been acquiring USDP and DAI stablecoins, which raises the likelihood that they will do so in the future. Regarding Glassnode data, researcher Ali Martinez released a graphic showing that about 40 new Bitcoin wallets have appeared during the previous four months. They each own Bitcoin valued between $30 million and $300 million.
