Litecoin price poised for 700% gains vs. Bitcoin, says Charlie Lee
Litecoin (LTC) can make some big gains versus Bitcoin (BTC), particularly as the August halving event gets closer, according to Litecoin's creator Charlie Lee.
Lee argues that LTC/BTC could rally to 0.025 BTC, or over 700%, in the next bull cycle, with Litecoin having "higher throughput by design, scalability with extension blocks, better fungibility, and privacy from MWEB."
Lee:
His statements appeared after Litecoin's 85% price recovery from its record low of 0.001716 BTC in June 2022. LTC is still down about 90% below its record high of 0.051 BTC from November 2013, owing to rising competition in the altcoin market.
LTC's recovery in recent months has been accompanied by growing buzz around its upcoming block reward halving.
The Litecoin block reward to miners will be cut by 50% from 12.5 LTC to 6.25 LTC sometime in August 2023.
As a result, new LTC supply will drop by 50%, which should, at least in theory, make LTC more scarce on the market and therefore, go up in price.
Historically, the months leading to Litecoin halving typically prompted traders to accumulate LTC. For instance, the first halving event in August 2015 preceded a 450% price rally versus Bitcoin.
However, the months before the second halving event saw limited gains as Bitcoin's crypto dominance grew amid the U.S.-China trade war. But, as a rule, LTC/BTC falls sharply after halving events, suggesting the same could happen after August 2023.
LTC price technicals hint at a similar scenario, with LTC/BTC printing what appears to be a bear flag pattern, as shown below.
The pair may bounce toward the upper trendline of its bear flag, which coincided with the 50-3D exponential moving average (50-3D EMA; the red wave) near 0.0035 BTC ahead of the halving. But its
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