Like Bitcoin (BTC), the largest cryptocurrency by market cap, Litecoin’s block-halving events play out every four years. As of the time of writing, Litecoin occupies the 11th position in the market with the market capitalization of $6.5 billion, and changing hands at around $89, according to CoinMarketCap.

LITECOIN HAS SUCCESSFULLY HALVED ITS BLOCK REWARD!

$LTC pic.twitter.com/iemCnkPsdu

— Litecoin (@litecoin) August 2, 2023

Read Also: Whales On LTC Accumulation Spree As Litecoin Halving Event Counts Down. Here’s the Significance

Litecoin halving events always precede Bitcoin halving, which is expected to play out anytime in April 2024. As Litecoin halving usually impacts the price of LTC, Bitcoin’s version of halving always carries the whole market on its back, resulting in many price all-time highs in the altcoins market.

Litecoin launched in October 2011 with 50 LTC as initial block rewards. The network’s last halving is estimated to take place in 2142. Litecoin miners have mined 87% of the network’s 84 million total coins, according to CoinMarketCap.

Google Bard: Some Analysts Believe LTC Could Reach $500, $600, or $1,000 After Halving

The Litecoin halving event that just happened has reduced the block reward earned by miners by half, thereby increasing and potentially impacting LTC price dynamics. Traders and investors usually seize moments like this to accumulate coins in numbers.

As many analysts and crypto pundits were coming up with speculations, TimesTabloid also consulted Google Bard, an artificial intelligence (AI) chatbot created by Alphabet, regarding the price trend to expect for LTC following the halving event.

Read Also: Litecoin (LTC) Price Prediction As Upcoming Halving Activates Buying Pressure

According to Bard, it’s difficult to predict, but there are three factors that could influence the price of LTC. The bot listed the factors as follows: the overall state of the cryptocurrency market, the demand, and the supply of Litecoin.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Overall State of the Cryptocurrency Market: Per Google Bard, if the cryptocurrency market is bullish, it’s likely to impact the Litecoin price positively after halving. However, if the market is bearish, the halving may have no good impact on the LTC price.

The demand for Litecoin (LTC): The bot also said the demand for LTC after halving will determine whether there will be an increase or decrease in price.

The supply of Litecoin (LTC): Google Bard said after the halving, the supply of new Litecoin entering the Market will be reduced, which could clearly lead to an increase in price, as there will be less supply to the demand.

In conclusion, Google Bard said, “Based on these factors, some analysts believe that the price of Litecoin could reach $1,000 after Halving. However, others believe that the price could only reach $500 or $600. It is impossible to say for sure what the price will be, but it is likely to increase in the long term.”

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On its part, Litecoin failed to meet up with the crypto market hype until Friday, when it surged by 30%, exceeding the critical support level at $100. A well-known trader Peter Brandt is also bullish on the price of the digital asset.

Read Also: Litecoin (LTC) To Breakout Soon After Years of Accumulation, Expert Analysts Forecast

Litecoin (LTC) Surged From $72 To More Than $100: Possible Contributing Factors?

In June, the LTC price spiked by over 50%, shifting from a $72 low to a $110.80 high. Many factors appeared to have contributed to Litecoin’s rise in worth. The most significant factor is the halving event set to hold on August 2, which will decrease the block reward from 12.5 coins per block to 6.25 coins per block.

In light of the anticipated halving event, whales seem geared up in expectation. The whale alert already has records of numerous transactions of whales stacking LTC estimated to be worth millions on Binance.

Meanwhile, in a more exciting update, Litecoin reportedly processed about half a million transactions for the first time since this quarter started, almost matching Bitcoin’s May daily transactions.

Peter Brandt Says Litecoin (LTC) is Set for a Breakout

Per Peter Brandt, the annual $110 price high has become a strong support level. Also, in addition to price action, indicators seem to imply the potential for a bullish run in LTC price soon.

Major breakout $LTC pic.twitter.com/YDvuopLUhN

— Peter Brandt (@PeterLBrandt) July 1, 2023

Read Also: MoneyGram Launches New Service to Enable the Purchase of Bitcoin, Ethereum, and Litecoin

Scott Melker, popularly known as the wolf of all streets, noted SEC’s chairman’s acknowledgment of Bitcoin Cash, Ethereum, Bitcoin, and Litecoin as commodities, could also contribute to LTC price growth.

Melker cautioned that should the crypto community fail to fight off the SEC’s unyielding security stance, Americans might end up trading only the four cryptocurrencies mentioned above.

Litecoin (LTC) Market Activities: Attractive? 

Per CoinGecko, Litecoin’s price today is $108.07 and reflects a decline of 3.9%. In the past week, it recorded maximum and minimum price levels at $113.91 and $82.63, respectively. LTC price movements are testimonies of an impressive market trend that would attract more users to the crypto project.

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Bitcoin is not spared from this fate as the analysis from a top trading expert and analyst Michaël van de Poppe in a recent YouTube video revealed that Bitcoin (BTC) is currently in a short-term consolidation phase characterized by instability. The current state of Bitcoin is making investors turn their eyes toward altcoins. But which altcoin shows the most promise?

Read Also: Top Legal Analyst Outlines How XRP Case Would Influence Binance and Coinbase Lawsuits

XRP Ascent to $1

A closely followed analyst Michaël van de Poppe attributed XRP’s price direction to the ongoing lawsuit against Ripple. His analysis pointed out a potential breakout scenario for the digital currency.

According to Michaël van de Poppe, if XRP successfully overcomes its resistance level at $0.52, it could rage toward the $1 mark. In Poppe’s words, “a flip in that resistance zone” is the safest and most profitable place for an investor to purchase XRP.

Michaël van de Poppe noted:

“If we break the resistance, I think that we can start expanding to $0.75 but most likely start expanding towards a dollar or more. To crack this resistance zone, a flip of that resistance zone is where you want to start getting into a trade.”

It’s worth noting that the digital asset was trading at around $0.49 when the analyst made the video. But at the time of writing, XRP has soared beyond the $0.52 resistance level, according to CoinMarketCap.

Read Also: Crypto Strategist Ali Martinez Reveals Most Accurate XRP Price Predictor

LTC’s Emergence

In the case of Litecoin (LTC), Poppe predicted a likely upward trend leading up to the halving event which would likely contribute to the token’s valuation. He pointed out that based on the recent price trend, LTC is set to display “a classic ascending triangle structure” and break out of its consolidation phase.

LTC currently faces a resistance at $100, and the probability of overcoming this level will be dependent on reclaiming $92.

Read Also: BitBoy Team Predicts an Astonishing $540 Litecoin (LTC) Price. Here’s the Timeline

However, the analyst highlighted that it could take several weeks for the anticipated scenario to unfold.

In the meantime, the analyst cautioned that despite the current downward trend of the prices of altcoins generally, based on the weekly candle chart, the overall market appears to be heading towards a bearish future which would last a short term.

Michaël van de Poppe said:

“We are having a classic ascending triangle structure, we are also having this resistance here at $100 to $105… If we are going to break back above, which is based on the level around $92. If that level breaks and we can have an expansion.”

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Presently on CoinGecko, Litecoin sells for $91.35 and is down 1.2% in the last 24 hours. A 490% increase in LTC price tokens based on the prediction from Bitboy and his team mathematically implies that LTC tokens could skyrocket up to an estimated $540 price mark.

Read Also: What Is MimbleWimble Upgrade and What Does It Bring to Litecoin Network? Details

Ajwritescrypto, one of the team members on the Bitboy YouTube channel, noted that for new crypto investors, Litecoin might not be an option, but still a reasonable option for long-term investments.

Furthermore, Ajwritescrypto ascertained that LTC’s current 72,987,970 circulating supply from a total and maximum supply of 84,000,000 could ascend to a 76,400,000 circulating tokens supply by November 2025.

What’s the Basis of the Analyst’s Litecoin (LTC) Bullish Prediction?

To deduce his prediction for Litecoin (LTC), the analyst used an equation of price equals market cap divided by circulating supply. In his claim, he presented two vital scenarios. In the first scenario, he projected a $48.28 billion market cap, which could see LTC trading at around $630. This also represents a relatively 588% increase from current prices.

In the second scenario, Ajwritescrypto suggested a $517 Litecoin (LTC) price, which requires a $39.5 billion market capitalization.

The team thereby concludes that LTC could surpass its previous all-time high in the next bull run with a price between $500 to $540, representing a 490% surge in price.

Welcome to the weekly Price Prediction Department with @Ajwritescrypto! We're going to be exploring Litecoin. And at the end of this video, I'm going to give you my exact price prediction for Litecoin at the top of the next bull run! https://t.co/fCb5ZopqbK pic.twitter.com/CUzTzGMVRl

— Ben Armstrong (@Bitboy_Crypto) May 23, 2023

Read Also: Litecoin (LTC) To Breakout Soon After Years of Accumulation, Expert Analysts Forecast

Litecoin (LTC) Lethargic Growth in Price

Ajwritescrypto mentioned that Litecoin does not seem to be considered an investment option for new crypto traders; this could be because LTC tokens so far remain one of the worst-hit crypto assets in the present bearish market rampage.

Despite a 12% decline already experienced in early May, there is a possibility that Litecoin could drop below the $70 price mark if the bearish pattern persists.

Bitboy’s Previous Assertions

In previous news, Bitboy claimed that one must hold at least 159,000 tokens to become an XRP millionaire. Also, Bitboy predicted a price retracement for Ben coins after a 1000% rally. Bitboy is known widely for many of his predictions. Although some of his predictions come with backlashes from the crypto community members, this hasn’t deterred him from hearing his opinion regarding crypto assets.

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According to CryptoKaleo, a pseudonymous crypto analyst, the peer-to-peer internet currency has been dumping since the year began and he believes a breakout is near for LTC. 

Per Kaleo’s analysis of the LTC/BTC chart, LTC is picking up steam to move out of the bearish channel. The chart shows that if LTC breaks the 0.004650 mark ($77.7 worth of BTC), the altcoin could rally to 0.02 on the LTC/BTC ratio chart. At the time of writing, LTC is trading for 0.004685 BTC per coin. 

“Alright, starting to believe this is the real deal for $LTC / $BTC. It’s long overdue for a solid pump. Here’s how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish,”  CryptoKaleo wrote. 

Alright, starting to believe this is the real deal for $LTC / $BTC.

It's long overdue for a solid pump.

Here's how Litecoin works – long periods of slowly bleeding down sideways, followed by a quick pump up to .02 BTC or so when everything else is bearish. pic.twitter.com/OV9w45ml6H

— K A L E O (@CryptoKaleo) November 23, 2022

Read Also: MoneyGram Launches New Service to Enable the Purchase of Bitcoin, Ethereum, and Litecoin

It bears mentioning that CryptoKaleo expects LTC to retrace to around 0.0005 BTC/ LTC after touching the 0.02 mark on the LTC/BTC chart. Going further, he mentioned that LTC has been very bullish in the past couple of weeks, citing that the breakout pattern began in August.

“One of the scariest things in the market rn is how bullish Litecoin looks. Multi-year HTF LTC/BTC breakout, flagging above it on LTF. Basically, when this squeezes higher you’ll have a pretty clear sign that the top of this leg up for the broader market is near,” Kaleo wrote on August 5 alongside the chart analysis. 

One of the scariest things in the market rn is how bullish Litecoin looks. Multi-year HTF LTC/BTC breakout, flagging above it on LTF.

Basically when this squeezes higher you’ll have a pretty clear sign that the top of this leg up for the broader market is near. pic.twitter.com/O4o2gpat2p

— K A L E O (@CryptoKaleo) August 5, 2022

Likewise, SmartContracter, an anonymous crypto strategist stated that Litecoin (LTC) which has been in the accumulation stage for a long may likely repeat its historical bull runs in line with the price of Bitcoin. He wrote on his Twitter page saying, “LTC of all coins trying to break out of a rather large accumulation. Of all things, I wasn’t expecting LTC to be the one to do things.”

$ltc of all coins trying to break out of a rather large accumulation

of all things i wasnt expecting LTC to be the one to do things pic.twitter.com/wYzM58yT9Q

— Bluntz (@SmartContracter) November 22, 2022

“Statistically BTC tends to bottom around 500 days before halving. So with that in mind, this accumulation breakout on LTC starts to make sense, considering this accumulation is already 3 months old and there are only 227 days until the LTC halving,” he added.

Statistically #btc tends to bottom around 500 days before halving so With that in mind this accumulation breakout On $LTC starts to makes sense considering this accumulation is already 3 months old and theres only 227 days until the LTC halving.

Send it.exe pic.twitter.com/xmP1ou9i4U

— Bluntz (@SmartContracter) November 23, 2022

At press time, Litecoin is trading for $77.71 per coin, recording a price increase of over 24% in the last 7 days.

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