The predictions of the experts on the halving of Bitcoin indicate that the price of the cryptocurrency can exceed 100,000 dollars, and this valuation is capable of benefiting other projects such as Litecoin. An analysis posted on Twitter predicts that the altcoin will hit $ 3,000 after the Bitcoin halving in 2020.
Just as the market expects Bitcoin to appreciate in the coming months, other cryptocurrencies also tend to rise with the halving expected to occur on May 8.
According to the Apple App Review profile that published the analysis on Twitter, Litecoin is one of those cryptocurrencies that can experience a wave of appreciation triggered by Bitcoin’s price surge after the halving.
The publication discusses the possibility of the altcoin trading at $ 3,000 in a scenario where the price of Bitcoin reaches $ 100,000. Called the “sleeping giant”, Litecoin has a chance to break price records with Bitcoin going through its halving.
Litecoin trades at $ 3,000 on Bitcoin halving
The Bitcoin halving will take place in 18 days, after the market has waited four years for the event to repeat itself. On this day the reward in Bitcoin mining will be cut in half, which can affect the entire cryptocurrency market.
One of the effects of the halving is the increase in the price of Bitcoin, and other cryptocurrencies may follow this wave of appreciation.
There are predictions that the price of Bitcoin will hit $ 100,000 after the halving. Based on this forecast, the Apple App Review profile says that the price of Litecoin may be trading at $ 3,000.
“Litecoin is the sleeping giant that is about to wake up. We could see the price of Litecoin hit $ 3,000 when Bitcoin rises to $ 100,000.”
The altcoin would be “asleep” waiting to go through an appreciation that could mean a growth of up to 6,900% in the price, considering the current price of Litecoin that is trading for about 43 dollars in the market.
In addition to citing the hypothesis related to the $ 100,000 price, the Twitter profile creates other elevated scenarios for the Litecoin price based on what Bitcoin can achieve with the halving.
With a value of US $ 25,000, for example, Litecoin is usually priced at US $ 750, according to the comparison posted on social media. On the other hand, Litecoin was trading at $ 375 at the time when Bitcoin had its highest price on record in the market.
“In the latest high market followed by the Bitcoin halving, Litecoin cost $ 375.”
Litecoin will outperform Bitcoin in 2020/2021 Bull market and here’s why!
bitcoin = $19,500/litecoin = $375
bitcoin = $14,500/litecoin = $145
bitcoin = $10,500/litecoin = $85
— AppleAppReview (@AppleAppReview_) April 20, 2020
Bitcoin can exceed $ 100,000
With the advent of halving, numerous forecasts are emerging in the market that Bitcoin will grow soon. According to Cointelegraph, experts are betting that there is a chance that the price will rise to a million dollars.
For former Facebook executive Chamath Palihapitiya, for example, there is a chance that Bitcoin will trade up to $ 1 million after the halving. The expert explains that there is between a 5 and 10 percent chance that the cryptocurrency will touch this figure.
Another of these forecasts belongs to PlanB that brings the analysis of the cryptocurrency market on Twitter. This profile made correct guesses about the 2012 and 2016 halvings and believes that the price of Bitcoin will trade above $ 100,000 after the 2020 halving.
Bitcoin needs to establish this value in the market for Litecoin to reach $ 3,000. Only then will the cryptocurrency have a chance to trade at this price.
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If Bitcoin hits $ 100,000 after halving, Litecoin may be worth $ 3,000 according to analysis