Litecoin price prediction: Experts see LTC at $220 thanks to the halving
2019 was a spectacular year for the Litecoin Foundation, which is reflected in the highly positive Litecoin price prediction of many experts. Previously, the cryptocurrency had often been criticized for its lack of innovation. This year, due to countless innovations such as a new crypto debit card, there can be no question of it.
And the Litecoin price reflects just that. At the beginning of the year, 1 Litecoin had been traded for $ 30. As of today, it is valued at an incredible $ 136 – its highest price in 2019 so far.
And there is no end in sight for its price surge yet.
The Litecoin price is at its high for 2019
Despite the general crypto market being in the red, one coin clearly stands out at the moment: And, once again, that is Litecoin. For quite some time, in terms of profit, the cryptocurrency has been the clear leader in the top 10 charts.
In the last 24 hours, a further increase in price of 6% was registered, reaching a new high of $ 136 for 2019. By contrast, the Bitcoin price has slightly fallen and is currently traded at $ 7,876.
This means that investors who decided to invest in LTC in January 2019 can now celebrate an incredible return of 353%. An investment of $50 would therefore have turned into $ 226 by now. No wonder then that the further Litecoin price prediction of the analysts turns out so rosy.
The reason is the upcoming Litecoin halving
The market continues to root for LTC and is looking forward to the Litecoin Halving in at the beginning of August. As the name implies, this will halve the reward miners receive per Litecoin they mine. This way, the supply of the coin will be reduced, which in turn should increase the LTC price.
Since the event has repeatedly led to strong price gains in the past for Litecoin and bitcoin alike, there’s no wonder why investors are so eager for it.
Trader Sasha Fleyshman explains:
As you can see, many are convinced that the upcoming Litecoin halving is the driving force behind the current price surge. Co-founder and CEO of the platform CryptoCompare, Charles Hayter, cuts right to the chase:
“The halving acts as a price catalyst.”
CEO of Bitbull Capital, Joe DiPasquale, agrees. He is another expert who thinks that:
“Litecoin’s resilience and recent price surge are due to the upcoming halving.”
And even during the second half of the year, the Litecoin halving will continue to have a positive effect on the cryptocurrency – at least that’s what the Litecoin price prediction of many experts is all about.
Analysts think the profits are solid and sustainable
Especially with regard to the last months, the analysts think the strong price increase is a logical development. They therefore aren’t surprised that the Litecoin price surged even before other currencies such as Bitcoin and many altcoins.
Editor of CryptoPatterns, Jon Pearlstone notes:
“Since the bear market hit bottom in late 2018, Litecoin has been a consistent leader.”
Senior Market Analyst of eToro‘s trading platform, Mati Greenspan, agrees. He further adds:
“It’s one of the best-established coins on the crypto market, with a very strong foundation.”
The Litecoin price prediction of the analysts
The further the Litecoin price increases, the more the cryptocurrency moves into the focus of the analysts. Although they are often rare to find, more and more Litecoin price predictions are popping up at the moment. Still, concrete numbers are still rarely talked about.
Litecoin price prediction: $ 150
DiPasquale has not only limited his analysis to the current price increase, but recently published his own Litecoin price prediction for 2019. As a result of the Litecoin halving, he believes the cryptocurrency could hit $ 150.
“Breaking price levels of $ 120 was essential to Litecoin, as it had already failed to overcome this resistance twice,” said DiPasquale.
“Now that LTC is trading at around $ 125, we can expect a steady price increase towards $ 150 with some slight corrections on the way. At least as long as Bitcoin stays in the $ 7,600- $ 8,000 range. ”
Litecoin price prediction: $ 220
Crypto-reporter and financial specialist Kiril Nikolaev is another expert who published a Litecoin price prediction in a CCN report on June 22. In it, he predicted that the LTC price will initially consolidate at $ 175. According to him, the upcoming Litecoin halving will then have paved the way up to $ 220.
Litecoin price prediction: No clear numbers
Crypto entrepreneur Erik Finman believes there’s more to the price increase than just the Litecoin halving. Although Litecoin had even managed to rise during the bear market, he also stressed how important the rise of Bitcoin and the anticipation of a new bull run had been for the LTC price increase.
However, according to Pearlstone, the digital currency now has to face a “significant resistance at $ 130- $ 150.”
For that reason, Pearstone himself is concentrating mainly on the next surge of the Bitcoin price. In his words: “From a technical point of view, this should have much more significance for a prognosis of the longer-term price”.
The sentiment on the market is positive
How hopeful investors are in regard to upcoming Litecoin halving has also been shown by our Twitter survey.
According to the survey, 38% percent of the participants assume that the coin will hit $220 as precited by Nikolaev with ease.
32% are even convinced that the LTC price will rise much higher.
On the other hand, only 15% do not believe that Nikolaev’s Litecoin price prediction of $ 220 will come true. Another 15% are convinced that the Litecoin price is already overvalued.
What does this mean for investors?
Although the Litecoin price prediction of the experts is very positive, as with any asset, investors should still invest with caution. And don’t forget: The general advise to only invest in what you understand still applies. Before jumping in on the trend, you should therefore do your own research to prevent falling victim to FOMO (the fear of missing out). After all, we will never be 100% sure what the future will bring.
If you want to invest in Litecoin in the hope of making a quick profit, don’t forget to consider that the current interest in it will likely come with certain disadvantages in the short term. Twitter user SL369Crypto warns potential investors as follows:
As you can see, it is quite possible that many will pocket their profits around the time of the Litecoin halving. Despite of the positive Litecoin price prediction in the long run- we therefore could very well witness the price falling at first. How far the price could fall and how long the correction will last, is hard to predict.
However, if you are planning to HODL and rely on long-term investments, the short-term development will not make much of a difference to you.
Want to buy Litecoin?