It has been just revealed the fact that there are some new prediciotns about the prices of BTC and LTC out. Here are more details about this below.
BTC and LTC new predictions are out
An expert in crypto, Benjamin Cowen, has shared his concerns about Litecoin (LTC) following its halving event.
Meanwhile, he has updated his views on Bitcoin (BTC). Cowen has tweeted to his 754,600 followers that LTC’s value is likely to decrease after the halving event on Wednesday, which means miners’ rewards will now be cut in half.
He previously predicted that LTC would reach its peak in June/July of its halving year and then gradually decrease as the halving approached.
Cowen advises caution regarding LTC’s value until 2025, which is the post-halving year according to historical data.
Based on his chart analysis, it appears that Litecoin experiences a surge in value roughly two months before a halving event takes place.
However, afterwards, it typically experiences a decline that lasts for around a year before seeing another rally in the following year. As of now, Litecoin is currently trading at $87.46, which is a decrease of 6.8% within the past day.
Bitcoin sees a sharp warning
Regarding Bitcoin, Cowen has noticed that the altcoin market liquidity is decreasing while Bitcoin’s value is increasing, which suggests that people are converting their altcoins into Bitcoin.
This trend is supported by the decline in the total market cap of altcoins (TOTAL3). Cowen believes that BTC’s rally is being sustained by this outflow from altcoins.
He predicts that there will likely be a turning point in the pre-halving year where alt liquidity will no longer be enough to support BTC’s rally.
Cowen’s thesis is further supported by the increase in Bitcoin’s dominance (BTC.D) and the decline in TOTAL3 market cap.
“Total crypto market capitalization color-coded by BTC risk, which depends on price, on-chain, and social metrics. Total market cap has gone sideways for the last year because while BTC went up, most altcoins went down. During that period, BTC dominance went from 39% to 49%.”
