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Cryptocurrency analyst DonAlt, who managed to make significant profits by professionally managing the rally of the cryptocurrency market at the beginning of the year, said that he is trying to stay away from Litecoin, the native asset of the leading peer-to-peer payment network, despite the fact that Litecoin’s next block reward halving is just a few weeks away. The analyst warned investors, stating that he expects a collapse in LTC.
According to the Analyst, Collapse in Litecoin is Inevitable
Anonymous cryptocurrency analyst DonAlt said that based on past price movements, he expects a deep drop after the block reward halving, which will reduce the reward per block mined by Litecoin miners by 50%.
Although the third block reward halving of Litecoin will take place on August 2, 2023, DonAlt stated that he does not expect this significant event to push the altcoin to its highest levels of the year, saying, “Here are the past block reward halvings of Litecoin on the price chart. That’s why I mentioned this more than six months ago and left it weeks ago. The block reward halving is no longer a bull catalyst. It is a process that some people buy only with expectations, and people are still buying it even when there are two weeks left until the event.”
The analyst revealed that he plans to accumulate LTC again in 2026 with the expectation of the fourth block reward halving, stating, “Maybe I can consider buying LTC again within three years.”
DonAlt, who also analyzed the LTC/BTC pair, also warned that the pair has a remarkable history of losing more than 80% of its value after the block reward halving.
At the time of writing this article, LTC is trading at $92.90 with a 0.97% decrease in the last 24 hours.
Bitcoin Gives 2 Levels for Buying
DonAlt, who analyzed the largest cryptocurrency Bitcoin (BTC) after Litecoin, pointed out that despite the influx of many bullish news such as BlackRock’s spot Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC) and Ripple’s partial victory in the lawsuit filed by the SEC, the crypto king appears weak.
The analyst said, “Being in a downtrend from the daily timeframe support is very difficult, but it is impossible for me to expect an uptrend when positive news continues and the traditional markets are doing well, as we hold on to support. In the short term, I expect to buy above $30,600 or around $27,000.”
