The analysts seem to be coming up with different kinds of predictions surrounding the trading price of Litecoin (LTC).
However, the majority of the analysts seem to be agreeing with one particular prediction that could see LTC’s price skyrocket.
LTC Price to Experience 200% Surge
Many analysts are predicted that in the month of July 2023, the trading price of LTC may surge up to 200%. This could happen as the halving of the digital asset takes place in the same month.
It would become a coinciding month for LTC where the halving event could push the trading price of LTC due to a strong rally.
As the halving of the LTC takes place, it would eventually pull the rewards for the block by 50% for the miners.
It was in October 2011 when Litecoin was launched. Since then until now, Litecoin has undergone two halvings.
The first halving took place in the month of August 2015. The halving ended up reducing the block reward for mining LTC from 50 LTC to 25 LTC.
Then the second halving took place in August 2019. This further halved the block reward, reducing it from 25 LTC to 12.5 LTC.
LTC Price to Experience a Pump
As the tradition goes, right before every halving, a great rally was witnessed in the trading price of LTC.
The data shows that a great rally was witnessed before the first halving and the same was recorded for the second halving.
Therefore, the analysts have a reason to believe that the same highly volatile price cycle would be witnessed for LTC prior to the third halving as well.
It suggests that the trading price of LTC would be pumped at a tremendous rate but the correction would also kick in at the same rate.
Due to the correction, the trading price of LTC may reach the bottom level before it resurges and makes it back to a local top price of LTC.
LTC to Form a New Bottom
According to the analysts, after pumping, then bottoming out, and then recovering to the top price, LTC’s price experienced another bottom.
However, this time, it was a bottom that was higher than the previous one. This suggests that the price of LTC continues to grow stronger every time it goes through a halving.
As per the analysts, LTC seems to be going in the same trajectory it did prior to the previous halvings. There are strong indications that the trading price of LTC would experience strong rallies in the upcoming days.
If things do keep going as they are, then the trading price of LTC would experience a 100%-200% rally.