Litecoin Setting up for a “Final and Explosive Run” as LTC Block Halving Nears Only 50 Days Out
- Litecoin halving opportunity, We could still see 50-70% upside
- What about after the event? Take in profits and invest in Bitcoin
Litecoin is already up a whopping 450 percent since hitting a low in December 2018. It further continues to be one of the best performing crypto-assets currently as it trades at $137 with 24 hours gains of 7.38 percent, hitting fresh highs of 2019 and in over 52 weeks.
Crypto trader and investor, Josh Rager sees Litecoin going above $150 as the current resistance on the daily at $125 flips to support.
All you Litecoin fans must be happy about LTC breaking the current resistance on the daily
$125 has now flipped to support
Wouldn't be surprised if LTC made it's way up to $150 which will be strong resistance on the weekly and psychological take profit area pic.twitter.com/baoTFfyhSn
— Josh Rager 📈 (@Josh_Rager) June 11, 2019
The reason behind bulls charging LTC is the excitement around the next Litecoin halving event that is on track to occur in early August, this year.
The lower issuance along with inflation rate by cutting down the supply rate has the bulls excited about the prospect of Litecoin to outperform in price.
Litecoin Halving Opportunity, We could still see 50-70% Upside
According to Bob Loukas, “the smart and easy money in this asset has already been made” by the cryptocurrency that is yet another example of retail money chasing the headlines and social media chatter. He further stated that history will repeat here as many will buy Litecoin in size near the top and would be left holding the bag.
However, for those traders and investors that are focused on USD performance, Loukas says, the price rally won’t come to an end. He expects Bitcoin to outperform dollar in the coming over two years along with “pretty much” all of the major cryptocurrencies as well in the same timeframe.
Here, Loukas gives an answer to the question, whether Litecoin will be the best vehicle to capture the most gains in the coming crypto bull market cycle? In the intermediate time frame, that is the summer months he says yes it is the best vehicle to capture those gains by the most.
“The buzz around the Litecoin Halving is already a self-fulfilling event and the increasing inflows of retail money is setting up Litecoin for a possible final and explosive run.”
This he says, despite having an amazing run to date, will likely take LTC a further 50-70% upside versus Bitcoin.
What about after the Event? Take in Profits and Invest in Bitcoin
But what about after the Litecoin reward halving event? Should one HODL their LTC? Loukas gives a simple “unequivocal” NO!
As outlined above, if Litecoin reaches the 0.025 BTC level, it will be levels reached by LTC only a handful of times before where during each of these accessions, Litecoin then declined between 70 to 92 percent versus BTC. This time as well, the analyst doesn’t expect things to be different for the digital currency.
“Knowing what we’ve seen from past performance, the prudent investment decision (if Litecoin > 0.02BTC) will be to sell a majority or all your Litecoin in exchange for Bitcoin.”
By doing so, Loukas explains you get to lock in serious profit that allows you to further buy some bitcoin for cheap or 3 to 5 times more LTC in the future.