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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Litecoin
Reading Time: 3min read
Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher?
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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.

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Related Reading | Will Litecoin (LTC) Rally to $1,000 After August 2019 Halving?

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 would like to see us HOLD $9750 $BTC (@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™®© ENAMORAO DEL $$$$ ™®© (@cryptomocho) May 19, 2019

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

I see $LTC just broke $100. https://t.co/bh1UFWyvJl

— moon (@MoonOverlord) May 24, 2019

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.

— [₡ryptocasca] (@cryptocasca) 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

— Crypto₿anksy (@BanksyCrypto) 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.

$LTC #Coinbase#TAtip: General rule in TA, it takes two points to draw a trend-line, a third to confirm validity. pic.twitter.com/61EV0rumgC

— Cow Jones (@CryptoCowJones) May 24, 2019

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.

Tags: bitcoincryptohalvingLitecoinlitecoin price
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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