Litecoin momentum and sentiment are starting to bubble up as the asset approaches its halving. Previous cycles have seen big LTC moves that precede ones for its big brother.
According to Chinese blockchain explorer OKlink, there are just 100 days to go until the next Litecoin halving. The platform has predicted that the halving will occur on August 3, 2023.
After the Litecoin halving, the block reward will be reduced from 12.5 LTC to 6.25 LTC. Litecoin halving events occur every 840,000 blocks and the next halving is due at block 2,520,000.
However, other counters suggest that it could be on August 2, just over three months away.
Will Litecoin Price Pump?
Previous crypto market bull cycles have been catalyzed by Litecoin halvings. The asset tends to make a move before Bitcoin, which has its halving event the following year.
There was a significant move for LTC leading up to its previous halving in 2019. Following the brutal bear market of 2018, Litecoin surged 375% in 2019.
It began the year at around $30 and spent the next six months cranking higher. LTC topped out at $143 in June 2019, just a few weeks before its halving on Aug. 5 of that year.
Nevertheless, it spent the rest of 2019 in retreat, ending it not far off the price at the beginning – around $40. However, when the bull market really gathered pace in November 2020, Litecoin exploded.
LTC prices pumped to an all-time high of $410 in May 2021, which preceded the crypto market peak in November of that year.
Going back even further shows that there was a similar pump in LTC prices before its August 2015 halving. The ‘silver to Bitcoin’s gold’ surged more than 440% from April to July of that year.
Will History Rhyme for LTC?
If history is to rhyme for Litecoin during this cycle (which is transitioning from bear to bull), the next couple of months could see large gains. Therefore, a move back above three figures could be on the cards despite the current market correction.
LTC prices are currently falling back from their 2023 high of $104 on April 18. The asset has pulled back hard with a retreat of 16% to trade at $87.70 at the time of writing.
LTC has gained 3.4% over the past 12 hours in a move that has countered the overall crypto market. However, it remains down 78.5% from its peak, but the next couple of months could be interesting for LTC investors.
