The crypto market has been correcting prices for a few days now.
There are tons of predictions regarding the coins’ prices and today we’ll be focusing on the one of Litecoin.
Smartereum brings up a well-known figure in the crypto space Benjamin Blunts who reportedly shared his prediction on the future price action of Litecoin (LTC).
He shared some pretty said news and said that the long-term bottom of LTC has set in but the coin will be experiencing even more dumps soon before it is able to continue the upward trend.
The Litecoin halving is just around the corner and on August 20 “rewards for mining blocks on the LTC network will reduce by half, from 25 LTC to 12.5 LTC. The reduction of circulating coins reduces the inflation rate of the digital currency from about 8 percent to about 4 percent.”
People are expecting that this event will change the price of LTC a lot, but the analyst believes that this will not be the case.
LTC will fall more before going up again
He took to twitter to show how the price of Litecoin is likely to keep plunging before it goes up.
In a tweet, he said that LTC is an interesting place because it’s clear to see a complete five waves up.