Litecoin creator Charlie Lee on Tuesday for the first time talked about LTC price as it prepares to undergo halving in the next few days. He predicts at least a 10% rally in LTC price against BTC.
Traders anticipate a massive increase in LTC price after the halving event and recent developments such as the LTC-20 standard for Ordinals on Litecoin.
Litecoin Creator Charlie Lee Sees Massive Upside Potential
Litecoin creator Charlie Lee in a tweet on May 2 revealed his LTC price target. This shocked the Litecoin community as he was tweeting about Litecoin price targets for the first time.
Currently, the crypto market values Litecoin at slightly over 1% of Bitcoin. He believes the market maybe accurate today, but Litecoin has a lot of potential. Features such as higher throughput by design, scalability with extension blocks, and better fungibility and privacy from MWEB.
He predicts LTC price with an upside potential of 10% against Bitcoin after the halving in early August. Charlie Lee sees LTC/BTC price at 0.025. Currently, LTC/BTC price is trading at 0.003, way below the targeted price.
In the next bull market, LTC/BTC price will trade at 0.0125 as Bitcoin price is likely to rally near the Bitcoin halving in 2024. On the downside, he believes the LTC price will not go below 1% at 0.0025.
“It’s hard to deny there is value in Litecoin, a coin that has low fees, is protocol-compatible with Bitcoin, has the same game theoretical attack surfaces as Bitcoin, is secured with its own set of ASIC miners, is fairly launched, and has 11.5 years of history with zero downtime.”
The Litecoin halving is expected to happen on August 2 at 20:34:57 UTC. Currently, LTC block reward is 12.5 coins per block and will decrease to 6.25 coins per block post-halving.
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Massive LTC Price Rally Coming?
LTC price is currently trading at $88.33, up 1% in the last 24 hours. The 24-hour low and high are $85.59 and $87.79, respectively. Furthermore, the trading volume is mostly flat as traders await the key Fed rate hike decision on May 3.
LTC price is expected to rally to $250 after the halving as the Ordinals developers are bringing it on Litecoin. An LRC-20 standard for Ordinal inscriptions is currently showing increased adoption.
Also Read: Bitcoin Price Breaks Key Level, Risks Falling To $26K Ahead US Fed Rate Hike?
The post Just-In: Litecoin Creator Predicts Massive Post-Halving LTC Price Rally appeared first on CoinGape.
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