June 16, 2024

Charlie Lee allowed Litecoin to repeat Litecoin halving script

The creator of the Litecoin cryptocurrency, Charlie Lee, suggested that Bitcoin price movements in connection with halving couldrepeat the trajectory of LTC during a similar event in August.

Waiting for halving Litcoin price by the end of Julyrose to an annual high of $ 144, by the time the block reward was halved, it had fallen to around $ 100, and then collapsed to $ 38 by mid-December. The coin is currently trading at around $ 60 (CoinMarketCap).

«With Litecoin last year, we saw that the price actually rose before the halving, but fell back afterwards. That's how it is»,- Lee noted.

According to him, investors bought LTC because they expected a price increase after reducing the block reward. Then they just sold out the coins.

«We'll see what happens with Bitcoin. I think he will follow the same pattern. But you never know what could happen»,- said the creator of Litecoin.

Experts have opposing viewsregarding the effect of halving on the price of bitcoin. Some, like Tom Lee from Fundstrat or Anthony Pompliano from Morgan Creek Digital, believe that the price will rise and even many times. Others, like another co-founder of Morgan Creek Digital, Jason Williams, believe that the event will not have any impact on BTC quotes.

Meltem Demirors, chief strategist at CoinShares, an investment company, is confident that the emerging derivatives market will not allow Bitcoin to grow after halving.

Let us remind you that CoinMetrics analysts also admitted that Bitcoin halving could follow the Litcoin scenario - “expectation of growth and collapse.”