Litecoin price poised for 700% gains vs. Bitcoin, says Charlie Lee

Litecoin (LTC) can make some big gains versus Bitcoin (BTC), particularly as its August halving occasion gets better, according to Litecoins developer Charlie Lee.Litecoin up 85% because record lows versus BitcoinLee argues that LTC/BTC might rally to 0.025 BTC, or over 700%, in the next bull cycle, with Litecoin having “greater throughput by design, scalability with extension blocks, much better fungibility and personal privacy from MWEB [MimbleWimble]””I can see an upside target of 10% (0.025 LTC/BTC). In the next bull market, 5% (0.0125) should not be too hard to accomplish. I honestly do not see it going much below 1% (0.0025) on the drawback. The next halving will remain in ~ 92 days. This is going to be fun.”His declarations appeared after Litecoins 85% rate healing from its record low of 0.001716 BTC in June 2022. LTC is still down about 90% below its record high of 0.051 BTC from November 2013, owing to increasing competitors in the altcoin market.LTC/ BTC daily cost chart. Source: TradingViewLitecoin halving loomsLTCs recovery in recent months has been accompanied by growing buzz around its upcoming block reward halving.The Litecoin block reward to miners will be cut by 50% from 12.5 LTC to 6.25 LTC at some point in August 2023. As a result, brand-new LTC supply will drop by 50%, which should, a minimum of in theory, make LTC more scarce on the marketplace and, for that reason, drive up its price.Historically, the months causing Litecoin halving normally triggered traders to collect LTC. The very first halving event in August 2015 preceded a 450% rate rally versus Bitcoin.However, the months prior to the 2nd halving event saw minimal gains as Bitcoins crypto supremacy grew amid the United States-China trade war. As a guideline, LTC/BTC falls greatly after halving events, and the same could happen after August 2023. LTC cost technicals hint at a similar circumstance, with LTC/BTC printing what seems a bear flag pattern, as revealed below.LTC/ BTC three-day cost chart. Source: TradingViewThe pair may bounce toward the upper trendline of its bear flag, which accompanied the 50-3D exponential moving average (50-3D EMA; the red wave) near 0.0035 BTC ahead of the halving. But its bear flag target relaxes 0.0024 BTC, down 20% from current cost levels.Litecoin cost to $100 by June?Litecoin has actually fared better versus the U.S. dollar in the months leading up to the last 2 halvings. LTCs rate grew about 250% ahead of the very first halving and 500% ahead of the second when determined from their sessional lows, respectively. LTC/USD regular monthly cost chart. Source: TradingViewThe rate has gone through a comparable advantage trajectory ahead of the August halving, with LTC up 120% from its sessional low of around $40. And it may continue to rise in the coming months, based upon a mix of technical and on-chain indicators.For instance, Litecoin is underestimated relative to its fair value, according to Glassnodes MVRV-Z rating of -0.139. Related: Why is Litecoin cost up today?The MVRV-Z rating represents the ratio between the market and recognized cap. When the marketplace worth is considerably greater than realized value, it historically shows a market top (red zone). The opposite indicates market bottoms (green zone), as shown below.Litecoin MVRV-Z score. Source: GlassnodeLitecoin has actually gotten in the green zone, which normally precedes strong bullish reversals.From a technical viewpoint, LTCs rate is well-positioned for a rebound after retesting its multimonth rising trendline as support.LTC/ USD everyday rate chart. Source: TradingViewIn this case, LTC/USD can climb toward its horizontal resistance level near $100, up about 20% from current prices.This article does not consist of financial investment recommendations or recommendations. Every financial investment and trading move includes danger, and readers need to conduct their own research when making a choice.

“His declarations appeared after Litecoins 85% rate recovery from its record low of 0.001716 BTC in June 2022. LTC is still down about 90% listed below its record high of 0.051 BTC from November 2013, owing to rising competitors in the altcoin market.LTC/ BTC everyday cost chart. Its bear flag target sits around 0.0024 BTC, down 20% from present cost levels.Litecoin price to $100 by June?Litecoin has fared better versus the U.S. dollar in the months leading up to the last 2 halvings. Source: TradingViewThe cost has actually gone through a similar benefit trajectory ahead of the August halving, with LTC up 120% from its sessional low of around $40.