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Prominent crypto trader and analyst Michael van de Poppe has taken to Twitter to share a Litecoin chart with his price prediction.
Looking at an $LTC chart on TradingView, the analyst noted that there is a "nice sweep of the low" for Litecoin, also known as "digital silver," in the crypto space. According to Poppe, in order to get things to accelerate, $LTC needs to break through the $98.50-$99.50 levels.
For #Litecoin, nice sweep of the low.
— Michaël van de Poppe (@CryptoMichNL) July 11, 2023
Crucially, you'd want to break through $98.50-99.50 and then things could accelerate. pic.twitter.com/tWDs9Oigog
Litecoin halving coming soon
A Litecoin halving is approaching; this programmed event happens every four years, as with Bitcoin, and it is going to reduce the amount of produced $LTC (the value of miners' rewards) by half. From this, comes the name "halving" or "halvening."
The event will take place on Aug. 2, and miners will produce 6.25 $LTC instead of 12.5 $LTC now. Earlier this year, the anonymous cryptocurrency DASH also conducted a halving. The leading digital currency Bitcoin is expected to perform a halving in April-May next year.
Since halving makes a cryptocurrency more scarce and deflationary, in theory, there is a chance of the price going up. Last time, when Bitcoin halving took place in the spring of 2020, the price went up to a new all-time high in April 2021, then it jumped to the next historic peak, $69,000, in October 2021.
Litecoin millionaires emerge ahead of halving
Litecoin's latest all-time high was reached on May 10, 2021, and it was the $412.96 price level. At the moment, $LTC is trading 76.39% below that peak, changing hands at $97.52 after a 2.79% rise within the last 24 hours, according to CoinMarketCap.
According to data recently shared by Santiment, as the halving event draws nearer, the number of $LTC whale addresses has been increasing too. Within the past five months, the amount of $LTC millionaire addresses has increased as 32 news wallets holding 10,000 $LTC or more have emerged.
Besides, according to IntoTheBlock, Litecoin holders have been showing great confidence in $LTC, as around 13% of all the $LTC in circulation is unmoved for the past five years.