Litecoin Price Prediction as Litecoin Halving Countdown Begins – Can LTC Reach $1,000 in 2023?
The price of Litecoin (LTC), the cryptocurrency that powers the payments-focused layer-1 Litecoin blockchain protocol, has been surging in the last few days, despite consolidation seen in the broader crypto market.
As such, price predictions are upbeat.
LTC/USD was last changing hands just under $90 per token, up another 3.5% on Tuesday and taking the cryptocurrency’s three-day run of gains to nearly 12%.
Traders have been attributing a combination of technical buying, with LTC having recently found strong support at a long-term uptrend and optimism about the upcoming Litecoin halving on the 2nd of August as potential catalysts behind the cryptocurrency’s ongoing outperformance versus the broader market.
Litecoin recently bounced from an uptrend that has been in play since last November, and has also recovered strongly back to the north of its 200-Day Moving Average.
The halving, meanwhile, will see the Litecoin rate at which Litecoin is issued to miners halved, which will reduce the cryptocurrency’s inflation rate.
Many analysts suspect a lower inflation rate should have a positive long-term price impact.
While Bitcoin halvings have historically coincided with bull markets, the linkage between Litecoin halvings and strong price performance has been somewhat weaker.
But still, very few would argue that the upcoming Litecoin halving is a bearish event for the LTC price.
The Litecoin halving will slow issuance from 12.5 LTC per block to 6.25 per block.
If Litecoin can muster a sustained push to the north of the $90 level and its 50 and 100DMAs, both of which are close to $90, that should open the door to a retest of annual highs in the $103-105 area.
That could mean fairly quick and easy gains of around 15% from current levels.
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