Will Halving Litecoin Boost BTC Price And Ignite Alt Season?

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Litecoin Halving

Proportionately halving in Bitcoin is usually front run by a bull cycle, wherein the price of the top cryptocurrency by market cap experiences rapid volume expansion and price mark up. The digital silver to Bitcoin’s digital gold, Litecoin, also encounter such an event ahead of its halving– an event scheduled at regular intervals that reduces the block reward miners receive for validating the network.

With Litecoin’s halving in less than 70 days away, the market is keeping an eye on the # 5 ranked cryptocurrency to find out if it once again carries the market higher. The last time Litecoin induced the entire crypto market to rally, it was the stimulant that helped put in Bitcoin’s bear market bottom and stimulated a mini alt season. Will Litecoin once again bring forth an all-out alt season and help Bitcoin’s parabolic move trend even higher?

Litecoin Breaks $100 Again, Confirms As Support, Off to the Races?

The crypto market is becoming increasingly bullish on Litecoin as the crypto asset nears closer and closer to its halving– an upcoming event in which the Litecoin supply is cut. The halving, which will see the block reward miners get halved, taking the reward from 25 LTC to only 12.5 LTC.

Before, these halving events are commonly front run as investors anticipate an offsetting of supply and demand that propels the price of these scant, hard-capped, deflationary assets to skyrocket in short order.

FOMO

Crypto analysts and dealers who are monitoring Litecoin price charts are asking for the confirmation of cup and handle formations to play out, escorting the price of the digital asset as much as 50% higher in anticipation of the forthcoming halving.

Just today, Litecoin smashed through and traded up above $100 once again, which it is presently retesting to confirm as support.

The recent bullish price action in Litecoin has certainly been enough to propel the whole crypto market into a recovery after this week’s blood red streets, bleeding out across most major and popular trading pairs.

Litecoin also played its part to drive the price of Bitcoin even higher with the #1 cryptocurrency by market cap trading above $8,000 once more, however continuing to struggle with significant overhead resistance holding fast at $8,100.

Although the #5 ranked cryptocurrency was in the position to help Bitcoin continue to trade higher, Litecoin in its own right has surged 10% against the BTC ratio on the LTC/BTC trading pair. Against USD the LTC pair is in a clear, undeniable uptrend.

The key factors behind Litecoin dominance increasing relative to Bitcoin, is more than likely due to the closer date of Litecoin’s halving, which of course  helps to fuel plenty of positive sentiment and expectation.

Those that are extremely bullish on Litecoin need to look no further than previous halving to validate their positions. Previously, price rose dramatically before each halving. There’s also a potential fractal playing out, according to some traders.

Many leading analysts have set targets for the altcoin somewhere in the realms of $150 and then even higher. For the all important ratio, traders are targeting 0.02 or higher.

The post Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher? appeared first on NewsBTC.

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