Litecoin (LTC), often referred to as “silver” when Bitcoin is referred to as “gold” in the cryptocurrency world, is preparing for a volatile period in the next eight weeks. Meanwhile, Pentoshi, a prominent crypto trader, recently shared an intriguing insight into the potential trajectory of the cryptocurrency. Here are the details…
Critical period is coming for Litecoin
Litecoin (LTC), the “silver” in the crypto world, is poised for a volatile period in the next eight weeks. Pentoshi, a prominent crypto trader, recently shared an intriguing insight into the potential trajectory of the cryptocurrency. Pentoshi says, “History doesn’t repeat itself, but it often rhymes. “It wouldn’t surprise me to see something like this in the next 8-10 weeks,” he said. The sentiment accompanying this statement was that LTC was about to take a leap. The analyst was supported by a chart that hinted that Litecoin could rise as high as $138, but fall as low as $92.
At the center of Pentoshi’s analysis is the Litecoin halving, an event that has historically caused significant market activity. This halving event, which foresees the reduction of mining rewards in half, reduces the total supply by reducing the rate at which new coins are produced. This scarcity factor could, in theory, drive up the price of LTC.
Pentoshi warned his followers
Despite the optimistic outlook for Litecoin’s price in the short term, Pentoshi’s forecast contains a note of caution for investors. Even if Litecoin’s price manages to climb the high target of $138, it won’t be enough to cover the losses investors have suffered in the ongoing bear market. Investors have had a tough time with Litecoin, which reflects the bearish trend of the overall crypto market. Despite some intermittent recovery periods, the overall trend of LTC has been bearish.
It also caused significant losses for those who invested in the summit. Looking ahead, historical performance and events such as halving have the potential to affect the value of a cryptocurrency. However, it is important to remember that this is not the only determinant of its future price. Other factors can also play an important role, including market sentiment, general crypto market trends, and macroeconomic factors.
cryptocoin.com As we have also reported, Litecoin (LTC) is a crypto designed to provide fast, secure and low-cost payments by taking advantage of the unique features of Blockchain technology. The cryptocurrency entered the market based on the Bitcoin (BTC) protocol. However, the hashing algorithm used differs in terms of block processing times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees. This makes it suitable for micro-transactions and point-of-sale payments. At the time of writing, LTC is changing hands at $92.
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