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Litecoin Halving Failed to Raise LTC Price But Bitcoin Halvening Will Work: Analyst

  • Yuri Molchan
    📰 News

    While some believe that since the LTC halving failed to affect the LTC price and so neither will the upcoming halving impact BTC, an analyst says it is not true

Litecoin Halving Failed to Raise LTC Price But Bitcoin Halvening Will Work: Analyst
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Contents

After numerous anticipations of Litecoin price surging after the halving on August 5, many got disappointed and now express an opinion that the Bitcoin halving that is due next year will not have much of an effect on the BTC quotes either.

A prominent BTC analyst on Twitter, PlanB, opposes that opinion, giving a reason why the LTC price failed to benefit from the much-expected halving.

Lack of relationship with the stock-to-flow ratio

The crypto analyst PlanB claims that the reason why the Litecoin price was unable to go up after the halving was a low connection with the stock-to-flow ratio.

As the upcoming BTC halvening is drawing closer, slowly but surely, many crypto experts are positive that as soon as the amount of minted BTC gets cut down by half, the price of the asset will surge. Among them is the co-founder of Morgan Creek Digital Anthony Pompliano. Many times, he has voiced that thought on CNBC’s Fast Money show to his crypto-skeptic opponents.

However, some in the crypto community also show their skeptical attitude to the possible BTC price spike after the approaching halving in 2020.

The analyst explains the LTC halving ‘failure’

PlanB pointed out that the LTC price is not so much connected to the stock-to-flow ratio, unlike Bitcoin. This ratio indicates the overall amount of a commodity stored in inventories and divided by its amount produced on an annual basis.

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Alabama farmers are accepting LTC

Regardless of the LTC halving’s impact on its price, LTC keeps spreading around the world as a reliable means of payment.

A Twitter user has reported that LTC is now being accepted at a farmer’s market in the Alabama state, along with BTC.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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