News has recently come out that a prominent trader, who benefitted greatly from the cryptocurrency boom earlier this year, is choosing to refrain from investing in Litecoin (LTC), despite the upcoming halving event for the peer-to-peer payments network.
DonAlt addresses the state of Litecoin
DonAlt, an analyst who goes by a pseudonym and has 496,000 followers on Twitter, is advising caution due to historical price patterns that show Litecoin often experiences significant drops in value after miners’ rewards are cut in half.
While LTC’s third halving is scheduled for August 2nd, DonAlt does not believe this event will result in new record highs for Litecoin in 2023.
“LTC halvings on a chart.
This is why I shilled this more than half a year ago and stopped weeks ago.
The halving isn’t a bull catalyst anymore. It’s a drag given a bunch of people only bought it in anticipation.
But for some reason, people still shill this thing two weeks out.”
He continued and explained the fact that he plans to accumulate Litecoin again in 2026 in anticipation of its fourth halving.
“I’ll consider buying LTC in three years again maybe.”
DonAlt has observed that when comparing Litecoin to Bitcoin using the LTC/BTC ratio, historical data indicates that the pair has experienced a loss of over 80% of its value following each halving event. This trend is illustrated in the chart provided.
Litecoin in the news
There are recent reports suggesting that a respected crypto analyst holds a negative outlook on LTC. You can find the latest updates regarding the digital asset’s price below.
According to the analyst, known as Kaleo on Twitter, Litecoin’s pre-halving surge may have already reached its peak.
The analyst suggests that the peer-to-peer payments network may be following a similar pattern to its price movement in the latter half of 2021, where it experienced a 187% increase before entering a bear market that lasted for several months.
