Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher?

Tony "The Bull" Severino

1 year ago

3 mins read

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Each halving in Bitcoin is typically front run by a bull cycle, where the price of the leading cryptocurrency by market cap experiences rapid volume expansion and price mark up. The digital silver to Bitcoin’s digital gold, Litecoin, also experiences such a phenomenon ahead of its halving – an event scheduled at regular intervals that reduces the block reward miners receive for validating the network.

With Litecoin’s halving in less than 70 days away, the market is watching the #5 ranked cryptocurrency to see if it once again carries the market higher. The last time Litecoin caused the entire crypto market to rally, it was the catalyst that helped put in Bitcoin’s bear market bottom and sparked a mini alt season. Will Litecoin once again spawn an all-out alt season and help Bitcoin’s parabolic move trend even higher?

Litecoin Breaks $100 Again, Confirms As Support, Off to the Races?

The crypto market is becoming increasingly bullish on Litecoin as the crypto asset nears closer and closer to its halving – an upcoming event in which the Litecoin supply is diminished. The halving, which will see the block reward miners receive cut in half, taking the reward from 25 LTC to just 12.5 LTC.

In the past, these halving events are typically front run as investors anticipate an offsetting of supply and demand that drives the price of these scarce, hard-capped, deflationary assets to skyrocket in short order.

Here comes the halving FOMO, c'mon my little chickun. $ltc time is here! #Litecoin

PS, if the market follows litecoin again we are in good shape! pic.twitter.com/8swlvwqf99

— Shardi B Trading #teamshardi (@ShardiB2) May 24, 2019

Crypto analysts and traders who are watching Litecoin price charts are calling for the confirmation of cup and handle formations to play out, taking the price of the digital asset as much as 50% higher in anticipation of the upcoming halving.

we are good to buy on this spot OR NOT ?
halving is realy near $ltc
august 6 is the $ltc halving https://t.co/4PWnL4Fct6 pic.twitter.com/uBpAanQKcx

— mocho17™®© (@cryptomocho) May 19, 2019

Today, Litecoin broke up above $100 once again, which it is now currently retesting to confirm as support.

https://twitter.com/MoonOverlord/status/1131938805747986432

The bullish price action in Litecoin has been enough to lead the entire crypto market into a recovery following this week’s bleeding out across most trading pairs.

#Litecoin $LTC continues to lead the #crypto market, including #Bitcoin $BTC. Follow the #chikun.

— {REKTACTEÐ} (@rektacted) May 24, 2019

Litecoin also helped to drag the price of Bitcoin higher with the #1 cryptocurrency by market cap reaching above $8,000 once again, but continuing to struggle with overhead resistance at $8,100.

#Litecoin about to single-handedly drag $BTC out of this price range to new highs 👀 🚀 $LTC $BTC $crypto

— C₿ (@CryptiIIionaire) May 24, 2019

While the #5 ranked cryptocurrency was able to help Bitcoin continue to climb higher, Litecoin itself has gained 10% against the BTC ratio on the LTC/BTC trading pair. Against USD the LTC pair is in a clear, valid uptrend.

https://twitter.com/CryptoCowJones/status/1131942773974679552

The reason behind Litecoin dominance increasing relative to Bitcoin, is due to the closer proximity of Litecoin’s halving, which is fueling the positive sentiment.

$LTC not going long into resistance but will be slowing starting to add to my bag as we head straight towards the next halving in roughly 75 days for #litecoin.

Wouldn't expect something crazy but likely price will follow speculation and hype as we get closer to 6th august 2019. pic.twitter.com/gt2dZM503u

— Cactus (@thecryptocactus) May 22, 2019

Those that are overly bullish on Litecoin have to look no further than previous halving to justify their positions. In the past, price rose rapidly ahead of each halving. There’s also a potential fractal playing out, according to some traders.

$LTC Imagine this fractal plays out… #crypto #altcoin pic.twitter.com/KGTQ3QmkhS

— FXD (@Liquidityhunter) May 20, 2019

Most analysts have targets for the altcoin somewhere upwards of $150 and higher. For the ratio, traders are targeting 0.02 or higher.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.