Cryptocurrency analyst Rekt Capital, Litecoin (LTC) altcoin He published an analysis of the potential price movements leading up to and following its halving in August 2023.
Litecoin (LTC) Peaked Before Halving Events in the Past, According to Analyst
According to their analysis, LTC has a strong history of price increases prior to the halving, rallies 820% and 550%, respectively, before the first and second halvings.
However, the altcoin consistently pulled back sharply immediately after the halving, dropping by 73% and 83% after the first and second halvings, respectively.
Rekt Capital suggests that the pre-halving rally for LTC could last longer, potentially leading to the August 2023 halving. He predicts that the pre-halving rally for LTC could reach as high as 285% before the halving, but the post-halving retracement could be deeper than the historical minimum of 73%.
The analyst also expects LTC to form a higher bottom and enter a new accumulation range following the post-halving pullback.
According to the analyst, this means that the low following the pullback will be higher than the pre-halving low and the altcoin will enter a period of sideways price action within a certain price range.
In the past, LTC formed an ascending triangle and a horizontal range after the first and second halvings, respectively. It is not clear what shape the accumulation gap will take following the August 2023 halving.
The Litecoin Halving is scheduled for August 2023
What historical prices does $LTC showcase prior to its Halving and after its Halving?
A thread…#BTC #LTC #Crypto #Litecoin
— Rekt Capital (@rektcapital) January 8, 2023
Analyst Predicts Rally Peak for Altcoin May 2023
Rekt Capital also notes that the altcoin’s pre-halving rally peak tends to occur just before the halving, with these peaks occurring 31 and 61 days before the first and second halvings, respectively, in the past.
It suggests that the pre-halving peak for the third halving may occur 92 days ago, in May 2023, but also mentions the possibility of the pre-halving peak to occur in a double peak, which means a peak in April 2023.
Overall, the analysis suggests that traders should be aware of the potential for strong price growth through the August 2023 halving, but should also be prepared for a deep pullback following the event.
*Not investment advice.
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