A dealer who rode the crypto surge at the beginning of the yr says that he’s staying away from Litecoin (LTC) despite the fact that the peer-to-peer funds community is simply a few weeks away from its subsequent halving occasion.
Pseudonymous analyst DonAlt tells his 496,000 Twitter followers that based mostly on historic worth motion, Litecoin tends to witness deep corrective strikes after the blockchain slashes miners’ rewards in half.
With LTC’s third halving set for August 2nd, DonAlt says the occasion will seemingly not push Litecoin to recent 2023 highs.
“LTC halvings on a chart.
Because of this I shilled this greater than half a yr in the past and stopped weeks in the past.
The halving isn’t a bull catalyst anymore. It’s a drag given a bunch of individuals solely purchased it in anticipation.
However for some motive, individuals nonetheless shill this factor two weeks out.”
The crypto strategist says that he plans to build up Litecoin once more in 2026 in anticipation of its fourth halving.
“I’ll think about shopping for LTC in three years once more possibly.”
Trying on the Litecoin versus Bitcoin (LTC/BTC) ratio, DonAlt says the pair has a historical past of shedding over 80% of its worth after the halving.
“LTC vs. BTC after every current halving.”
At time of writing, Litecoin is buying and selling for $92.89.
As for Bitcoin itself, DonAlt says that the crypto king seems weak even amid the emergence of a number of bullish information tales such because the announcement of BlackRock’s bid for a spot-based BTC exchange-traded fund (ETF) and Ripple scoring a large victory in its authorized battle with the U.S. Securities and Change Fee (SEC).
“At each day help so arduous to be too bearish nevertheless it’s inconceivable for me to be bullish given we’re hugging help whereas constructive information are limitless and conventional markets are doing nicely.
Fascinating above $30,600 or round $27,000 to me for shorter-term performs.”
At time of writing, Bitcoin is price $30,060.
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