• A trader who accurately predicted the 2023 crypto rally is now forecasting a massive surge in Litecoin (LTC).
• DonAlt suggests that if LTC can break out of its current range, it could rapidly surge by over 100%.
• The upcoming Litecoin halving, which is expected to happen on August 2nd, may provide the much needed boost for an LTC rally.
Trader Accurately Predicts 2023 Crypto Rally
A trader who accurately forecasted this year’s crypto turnaround is providing insight into his outlook on the peer-to-peer payments network Litecoin (LTC). Pseudonymous crypto strategist DonAlt has 486,900 Twitter followers and 50,800 YouTube subscribers. He believes that if LTC can break out of its current range, it could rapidly surge by over 100%.
DonAlt’s Forecast for Litecoin
DonAlt tells his followers that time is ticking for Litecoin to make a move. At the time of writing, LTC is trading at $91.40, up 2% in the last 24 hours. However, he notes that given the current market environment and with only 70 days until the upcoming halving event, it will be an uphill battle for something like this to play out.
The Impact of Halvings on Crypto Assets
Cryptocurrency halvings are events where block rewards are cut in half and miners receive fewer coins as compensation when they successfully mine new blocks on a blockchain network. This scarcity usually leads to increased demand for digital assets as investors anticipate higher returns down the line from their investments. As such investors are likely to be keeping an eye on how things develop leading up to and after August 2nd with regards to Litecoin’s price action.
Will History Repeat?
It remains unclear whether history will repeat itself or not but no one can deny that there’s potential upside here should everything go according to plan for LTC bulls. In 2017 when Bitcoin experienced a similar event, prices surged shortly thereafter before eventually peaking in December of that same year at around ~$20k per coin before correcting back down towards its current price levels today (~$9k).
Risk Involved With Crypto Investing
Investors should always do their due diligence prior to making high-risk investments in Bitcoin or cryptocurrency assets like Litecoin (LTC). It’s important to remember that transfers and trades are done at your own risk and any losses incurred would be your responsibility alone.
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