By Litecoin Price Prediction as Halving Event Approaches – Can LTC Reach $1,000?
The Litecoin (LTC) price has risen by a slight 0.5% in the past 24 hours, yet its move to $91.77 still means it’s down by 6% in the last seven days.
Despite its negative response to the ruling in the Ripple-SEC case (which harmed other Bitcoin forks), LTC remains up 18% in the last 30 days and by 57% in the past year.
And it’s possible that the altcoin will see further gains in the next few weeks, as the market anticipates the next Litecoin halving, which is due early next month.
Litecoin Price Prediction as Halving Event Approaches – Can LTC Reach $1,000?
While LTC has suffered in the past few days, its chart suggests that it may be due a rebound anytime soon.
The coin’s relative strength index has begun rising up from a low of 30, which indicates that it had been oversold in the past few days.
It’s also worth pointing out that LTC’s 30-day moving average (yellow) is close to falling below its 200-day average (blue), at which point it will be due to rebound once again.
However, LTC may fall a little further in the short term, with the coin’s support level (green) dropping in the past week.
For this reason, traders probably shouldn’t be surprised if they see the altcoin dip below $90 in the near term, something which it may have to do in order to begin further rallies.
But rallies are most likely due pretty soon, given that Litecoin’s halving event is scheduled to take place in the first week of August.
As with Bitcoin halvings, Litecoin’s will result in its block reward declining by 50%, something which in theory will make LTC scarcer and ‘harder’ as a cryptocurrency.
This could therefore increase demand for the altcoin in the next couple of weeks, although it’s always possible that the halving could be a ‘buy the rumor, sell the news’ type of event, meaning that LTC may dip once the halving is complete.
Nonetheless, it remains probable that the cryptocurrency will gain in the days leading to halving, potentially rising back up to $100 or $110 in the next couple of weeks.
In the longer term, LTC could potentially makes its way back up to $200 by 2024, although Ripple’s victory has dampened investor appetite for Bitcoin forks such as Litecoin (as well as Bitcoin Cash and Bitcoin SV).
New High-Potential Altcoin
While LTC’s overall picture remains positive, it may take some time for the altcoin to witness significant price gains.
Because of this, investors may be advised to diversify towards other tokens, particularly those that are positioned to see big rallies in the near future.
One such altcoin is BTC20, a new ERC-20 token that will provide an Ethereum-based version of Bitcoin, albeit with an interesting staking-related twist.
Is presale will make 6.05 million BTC20 available at a price of $1, which is meant as a homage to Bitcoin’s actual price in 2011.
The idea of this is make the sale accessible to a wider pool of investors, yet what’s interesting about BTC20 is that it will have Bitcoin’s hard cap of 21 million.
BTC20 will therefore be a deflationary cryptocurrency, yet its use of the Ethereum blockchain will also open up the altcoin to staking.
This will enable holders to earn a passive income, with the staking responsible for mining the rest of BTC20’s maximum supply of 21 million.
It will do this over the course of 120 years, in a reflection of the time it will take to finish mining all the available Bitcoin tokens.
Ultimately, this all means that BTC20 will have a tight supply, something which should help its support its price over the longer term.
Investors can buy BTC20 at the symbolic price of $1 by going to the official BTC20 website and connecting their software wallets.
While the sale will have a hard cap of 6.05 million BTC20, any unsold tokens will be added to the staking pool to be unlocked over time.
Visit BTC20 Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
