Trader Who Caught 2023 Crypto Rally Issues Litecoin Alert, Warns LTC Halving No Longer a Bullish Catalyst

MartinBH litecoin e2ef91fd c2d3 47eb ae32 33ac93712696

A trader who rode the crypto surge at the start of the year says that he’s staying away from Litecoin (LTC) even though the peer-to-peer payments network is just a couple of weeks away from its next halving event.

Pseudonymous analyst DonAlt tells his 496,000 Twitter followers that based on historical price action, Litecoin tends to witness deep corrective moves after the blockchain slashes miners’ rewards in half.

With LTC’s third halving set for August 2nd, DonAlt says the event will likely not push Litecoin to fresh 2023 highs.

“LTC halvings on a chart.

This is why I shilled this more than half a year ago and stopped weeks ago.

The halving isn’t a bull catalyst anymore. It’s a drag given a bunch of people only bought it in anticipation.

But for some reason, people still shill this thing two weeks out.”

Source: DonAlt/Twitter

The crypto strategist says that he plans to accumulate Litecoin again in 2026 in anticipation of its fourth halving.

“I’ll consider buying LTC in three years again maybe.” 

Looking at the Litecoin versus Bitcoin (LTC/BTC) ratio, DonAlt says the pair has a history of losing over 80% of its value after the halving.

“LTC vs. BTC after each recent halving.”

Source: DonAlt/Twitter

At time of writing, Litecoin is trading for $92.89.

As for Bitcoin itself, DonAlt says that the crypto king looks weak even amid the emergence of multiple bullish news stories such as the announcement of BlackRock’s bid for a spot-based BTC exchange-traded fund (ETF) and Ripple scoring a massive victory in its legal battle with the U.S. Securities and Exchange Commission (SEC).

“At daily support so hard to be too bearish but it’s impossible for me to be bullish given we’re hugging support while positive news are endless and traditional markets are doing well.

Interesting above $30,600 or around $27,000 to me for shorter-term plays.” 

Source: DonAlt/Twitter

At time of writing, Bitcoin is worth $30,060.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Trader Who Caught 2023 Crypto Rally Issues Litecoin Alert, Warns LTC Halving No Longer a Bullish Catalyst appeared first on The Daily Hodl.

Steve Beckford

Steve Beckford

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 66,125.72
ethereum
Ethereum (ETH) $ 3,170.72
tether
Tether (USDT) $ 0.999913
bnb
BNB (BNB) $ 572.84
solana
Solana (SOL) $ 146.62
usd-coin
USDC (USDC) $ 0.999434
staked-ether
Lido Staked Ether (STETH) $ 3,167.14
xrp
XRP (XRP) $ 0.536460
dogecoin
Dogecoin (DOGE) $ 0.167815
the-open-network
Toncoin (TON) $ 6.33
cardano
Cardano (ADA) $ 0.491184
avalanche-2
Avalanche (AVAX) $ 37.79
shiba-inu
Shiba Inu (SHIB) $ 0.000024
bitcoin-cash
Bitcoin Cash (BCH) $ 524.74
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,185.73
tron
TRON (TRX) $ 0.113968
polkadot
Polkadot (DOT) $ 7.05
chainlink
Chainlink (LINK) $ 14.84
matic-network
Polygon (MATIC) $ 0.748122
litecoin
Litecoin (LTC) $ 83.93
internet-computer
Internet Computer (ICP) $ 13.27
near
NEAR Protocol (NEAR) $ 5.58
uniswap
Uniswap (UNI) $ 7.67
leo-token
LEO Token (LEO) $ 5.77
dai
Dai (DAI) $ 0.999755
ethereum-classic
Ethereum Classic (ETC) $ 28.58
aptos
Aptos (APT) $ 9.43
first-digital-usd
First Digital USD (FDUSD) $ 0.996358
blockstack
Stacks (STX) $ 2.56
mantle
Mantle (MNT) $ 1.10
crypto-com-chain
Cronos (CRO) $ 0.133012
cosmos
Cosmos Hub (ATOM) $ 9.02
filecoin
Filecoin (FIL) $ 6.37
bittensor
Bittensor (TAO) $ 521.66
stellar
Stellar (XLM) $ 0.112161
okb
OKB (OKB) $ 53.13
immutable-x
Immutable (IMX) $ 2.13
arbitrum
Arbitrum (ARB) $ 1.14
hedera-hashgraph
Hedera (HBAR) $ 0.084372
render-token
Render (RNDR) $ 7.85
vechain
VeChain (VET) $ 0.040335
kaspa
Kaspa (KAS) $ 0.123411
maker
Maker (MKR) $ 2,851.24
dogwifcoin
dogwifhat (WIF) $ 2.45
the-graph
The Graph (GRT) $ 0.255691
pepe
Pepe (PEPE) $ 0.000006
ethena-usde
Ethena USDe (USDE) $ 0.998449
optimism
Optimism (OP) $ 2.35
theta-token
Theta Network (THETA) $ 2.32
injective-protocol
Injective (INJ) $ 25.68