There’s an event, known as a “halving,” coming in August that could significantly boost the Litecoin (LTC-USD) price. Cryptocurrency experts are weighing in, and, by and large, the Litecoin price predictions indicate strong upside potential.
Litecoin has been around since 2011 and has gained value over the years. Why was the crypto up 13% this morning, though? Possibly, it’s because traders are excited about the upcoming halving event for Litecoin, which is slated to happen in August.
As the Litecoin developers explained in a tweet, “One of the revolutionary aspects of Litecoin is its deflationary model.” This, the tweet continues, “means that the amount of Litecoin mined decreases over time, by ‘halving’ every 4 years and thus become scarcer over time.”
That tweet, from March 5, announced that the next Litecoin halving would be “in 150 days.” So, again, it’s expected to take place in August, and some traders and experts are bullish on Litecoin in anticipation of the halving.
Litecoin Price Predictions Suggest Strong Upside Potential
Not every cryptocurrency expert is necessarily expecting higher Litecoin prices, but some of them are clearly bullish. Without a doubt, they’re aware of the imminent halving event and are factoring this into their Litecoin price predictions.
Several forecasts (via CryptoNewsZ) are unmistakably optimistic. For example, Currency.com observes that Litecoin “has reached an all-time high” and expects it “can grow even further, potentially reaching $500 at some point.”
Wallet Investor, meanwhile, set a 2027 price forecast of $238.60 for Litecoin. Long Forecast, however, is less ambitious, claiming Litecoin “may cross $150 by 2023.”
Coin Price Forecast is quite specific with its predictions. It asserts that Litecoin will reach $125.09 in the first half of this year and $153.24 during 2023’s second half. Moreover, Digital Coin Price is bracing for robust gains over the long term, forecasting that Litecoin “might cross the $95 mark by the end of 2023 and $270 by the end of 2025.”
Litecoin is below $95 at the time of this writing, so these are all ambitious forecasts for the cryptocurrency. It will be interesting to find out whether August’s halving event has the expected bullish impact on the Litecoin price.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.