The Litecoin (LTC) ecosystem has its third halving to take place on August 03, 2023. In the crypto space, halving essentially refers to pre-programmed events that safeguard a coin from inflation and devaluation.
The scheduled halving event of LTC, the cryptocurrency fuelling the payments-centric layer-1 (L1) LTC blockchain protocol, would allow current LTC assets’ value to soar as the supply would be reduced. Since LTC’s total supply is fixed at 84 million, the uptrend of its price has left analysts abuzz. At press time, LTC is trading at $90.48, up 3.66%, as per CoinMarketCap (CMC).
Coinchartist founder Tony The Bull is bullish on LTC, believing its price might zoom soon. In a detailed Twitter thread, Tony, applying the Hurst Cyclical theory, shared a unique LTC pattern signaling cyclical perfection. Among the notable observations made by Tony is that the Internal 1/3 harmonics tend to assimilate peacefully with a larger cycle, also having 1/3 harmonics. Tony tweeted:
A mega thread 🧵on why I am more bullish on #Litecoin than any other asset in the space starting with what I believe is cyclical perfection using Hurst Cyclical theory
— Tony "The Bull" (@tonythebullBTC) May 16, 2023
Internal 1/3 harmonics match up with a larger cycle, which also has 1/3 harmonics
I see the grand finale next pic.twitter.com/cAh5CrnlUZ
Tony went on to mention in a subsequent tweet that LTC is dramatically undervalued on a relative basis compared to Bitcoin (BTC) and Ethereum (ETH). Sharing his opinion, Tony noted LTC should at least be priced $250 per coin as per his analysis.
Notably, Tony also shared an interesting observation that LTC has already crossed bullish on the 1M (one month) LMACD (Litecoin Moving Average Convergence Divergence).
To analyze the wave count, Tony referred to the line chart which revealed the wave 4 has so far stood away from the wave 1 territory, and that LTC’s wave 5 is long and strong. He also reasoned that apart from LTC’s next halving, the buzz around ordinals and regulatory support could also benefit LTC.
During its second halving event in August 2019, the price of LTC still stood below its ATH of $412.96, as per CMC. So, analysts are now bullish on LTC’s price rise as its third halving nears when it has strong fundamentals in place.
