25 February, 2024

Analyst Predicts Possibilities of Litecoin Surging by 490% in the Next Bull Run

9 months ago

14 Nov, 2023

Crypto YouTuber Ben Armstrong’s crypto writer AJ Writes Crypto has predicted in his recent video that the decentralized peer-to-peer crypto Litecoin’s (LTC) price would surge to be in the $500-$540 range, up 490%, in the next bull run.

Armstrong, better known as BitBoy, took to Twitter to share AJ Writes Crypto’s weekly price prediction, tweeting:

The BitBoy team’s crypto analyst asserted that LTC has caught the attention of long-time investors even as the crypto community is engulfed with memecoins and leverage trading. Further, by dividing the circulating supply with the price equals market cap equation, he predicted LTC’s future price potential by offering two possible outcomes.

In the first predicted outcome, AJ Writes Crypto saw LTC securing a $48.28 billion market capitalization (MCAP), sending it to the $631 price point (up 588%). In the alternative outcome, he predicted LTC’s price to be $517, up 464%, with a $39.5 billion MCAP

Given that LTC is trading at $91.70 at press time, as per CoinMarketCap, with a token circulating supply of 72.9 million tokens, AJ Writes Crypto estimated that by November 2025, approximately 76.4 million Litecoins would be in circulation.

In his bearish scenario for LTC, the analyst noted that its all-time high (ATH) in May 2021 was merely 13%, higher than its ATH in 2017. His bullish observation for LTC involved mentioning that Litecoin is bracing for its next halving in 72 days, at the time of writing.

Likewise, the open interest for Litecoin futures grew 22% year-to-date, having peaked at $420 million, as per the data from CoinGlass. Open interest represents the total unsettled trading contracts’ value; it  also quantifies an asset’s interest trends.

Notably, Litecoin is soon approaching the forthcoming halving event. The halving event taking place on August 5 would see a halving of the new LTC coin issuance, to boost LTC’s perceived value sparked by scarcity.

The analyst then went on to specifically mention the earlier two halving events of Litecoin. He reminded that in the first LTC halving event on August 25, 2015, from April to July, LTC ran up 550% to 600%. LTC’s price later went down by over 25% on that halving day, to ultimately gain over 97% in the following 71 days. He further stated the second Litecoin halving on August 5, 2019, saw LTC falling 62% over the next 136 days.