Litecoin Creator Makes LTC/BTC Prediction
Litecoin Founder Charlie Lee Predicts Big Gains Against Bitcoin Ahead of Halving Event
Litecoin (LTC) creator Charlie Lee has predicted that the digital currency could make significant gains against Bitcoin (BTC), particularly as the halving event scheduled for August approaches. Lee claims that LTC is inherently superior to BTC, and will gain 700% against BTC in the next bull run. He cites the higher throughput by design, scalability thanks to extension blocks, better interchangeability, and privacy from MWEB as reasons for potential improvement. Lee expects an upside target of 10% (0.025 LTC/BTC), which he does not think will go below. Litecoin experienced an 85% recovery from its all-time low of 0.001716 BTC in June 2022, but remains 90% below its all-time high of 0.051 BTC in November 2013.
However, the months leading up to Litecoin’s halving have sparked rumors of a block reward halving and subsequent accumulation by investors, which could increase the price of LTC. The Litecoin block reward for miners is scheduled to decrease from 12.5 LTC to 6.25 LTC in August 2023. Though the supply of new LTC is expected to drop by 50%, making it less available in the market and causing a price increase, a sharp decline after LTC/BTC halving events is an unwritten crypto rule. The LTC/BTC exchange pair has also been compared to a bear flag pattern, with a possible 20% drop from current levels after the halving.
On the other hand, LTC has performed better against the US dollar in the months before both previous halvings, with prices rising by approximately 250% and 500%, respectively. The price experienced a similar upward move before the August halving, increasing 120% from the season low of $40. Technical and on-chain indicators suggest that Litecoin may continue to rise in the coming months, depending on market conditions.
Disclaimer: This article does not constitute investment advice or recommendations to buy or sell any cryptocurrency. Every investment and trading decision carries risk, and readers should conduct their research before making decisions.
