The next eight weeks will be dramatic for Litecoin (LTC), the cryptocurrency that is the silver to Bitcoin’s gold. A well-known cryptocurrency trader named Pentoshi recently revealed an unusual forecast on the probable course of the digital currency.
Although history seldom rhymes, it does not repeat itself. In the upcoming eight to ten weeks, I wouldn’t be shocked to see anything similar, Pentoshi stated. A graph that suggested that Litecoin may increase to $138 before tumbling back to $92 bolstered the attitude that went along with this assertion.
The upcoming Litecoin halving, an event that has traditionally generated substantial market activity, is at the centre of Pentoshi’s study. The pace at which new coins are created drops during this halving event, which is a scheduled halves of mining incentives, so lowering the total supply. The price of LTC may increase as a result of this scarcity issue, in principle.
Pentoshi’s forecast for the price of Litecoin is upbeat in the short term, but it comes with a warning for investors. Even if Litecoin’s price were to reach the lofty $138 objective, it would not be enough to make up for the losses investors have endured as a result of the current bear market.
Litecoin has been a difficult investment for investors, mirroring the gloomy trajectory of the whole cryptocurrency market. LTC’s general trend has been negative, resulting in large losses for individuals who made investments at its height, notwithstanding brief intervals of recovery.
Looking ahead, it’s critical to keep in mind that while past performance and things like halving might affect a cryptocurrency’s value, they are not the only factors that will affect its price in the future. Other variables, such as market mood, general crypto market movements, and macroeconomic variables, may also be important.
