The price of Litecoin has been falling for the fifth day in a row, hitting a new low for the month of July. Some investors could have been surprised by this event, but not Benjamin Cowen, a crypto specialist who correctly foresaw this situation at the beginning of the month. In-depth analysis of LTC’s price history by Cowen revealed a troubling trend surrounding the halves event.
Every halving year, the months of June and July have historically witnessed a considerable increase in Litecoin’s price, which peaks locally. The price spiked to $114.93 per LTC on July 3, a day before Cowen’s prophetic tweet, so this time was no different.
The phenomena of LTC halving, which takes place once every four years, is eagerly awaited by the cryptocurrency world. It entails a 50% cut in mining incentives, perhaps creating a supply shortage and raising demand.
Yin and yang
There are rising worries that the present negative trend may continue given that the Litecoin supply will be halved on August 4. Although it is theoretically possible for LTC’s price to see a brief relief if market conditions are in its favour, making a prediction that the recent local peak would be broken seems foolish.
If we attempt to be positive and see the glass as half full, we can remark that every previous peak was always overtaken and that Litecoin’s price increased following the halving. The duration of “after” is what matters.
