January has been recorded as a “relaxation month” for cryptocurrencies. Although the month is not yet complete, Bitcoin and altcoins in general managed to record a recovery. This not only triggered the flow of capital to the market, but also helped attract new participants. The last rally was also very important for assets approaching technically critical days. for example Litecoin It is getting ready to hold its long-awaited “halving” event on August 3, 2023.
A halving or halving means that the volume of newly issued Litecoin will be halved. For LTC, this development will be the third halving event. In this context, the Litecoin trader community has already increased activity in anticipation of the halving event. LTC price prediction continues with the expectation that the cryptocurrency will exceed $100.
Is Litecoin Rally Coming?
As we approach its August halving event, the 14th-ranked cryptocurrency could register a price rally. In this context, investors expect a rally to above $100 in the short term. LTC price is trading at $89.64, up nearly 1% in the last 24 hours. Cryptocurrency investor Jelle drew attention by making the following comment on the subject.
“With the next halving predicted towards the end of this year, we may finally see the all-time high catalyst for the new $LTC. For now, the chart looks good for a run towards 1.618, at just over $100.”
As a result, it is of course unclear when the Litecoin rally will be triggered in anticipation of the August event. Also, the halving event may introduce changes in the timeline due to technical changes.