Litecoin (LTC) is scheduled for its halving event on August 2, and the upcoming halving is expected to happen specifically at block 2,520,000.
Given that the halving event is set to reduce the block reward earned by miners, thereby increasing scarcity and potentially influencing the price dynamics of Litecoin, many investors and traders are excited by the event.
Google Bard, created by Alphabet (NASDAQ: GOOGL), has emerged as a formidable generative AI offering. Using an impressive array of capabilities to predict future market trends in the financial markets. In light of that, on August 3, Finbold requested Bard’s opinion on the future price action of LTC after the halving event.
Picks for you
Bard noted that there are a few factors that could influence the price, the overall state of the cryptocurrency market, the demand, and the supply of Litecoin.
“Based on these factors, some analysts believe that the price of Litecoin could reach $1,000 after the halving. However, others believe that the price could only reach $500 or $600. It is impossible to say for sure what the price will be, but it is likely to increase in the long term.”
LTC performance analytics
Behavioral analytics platform Santiment noted that Litecoin could be going through a “buy the rumor, sell the news” ahead of the halving and that the LTC price is showing a concerning drop.
It noted that:
Meanwhile, crypto trading expert Ali Martinez pointed out:
“Litecoin trades between two significant supply walls ahead of the halving. One acts as support between $87 and $90, where 625K addresses bought 7.8 million LTC. The other one acts as resistance between $90 and $93, where 590K addresses hold 6 million LTC.”
Currently, LTC is trading at $91.02, with a marginal 0.6% increase on the day.
Litecoin also has an $87.85 support wall while it faces resistance under the $100 psychological level at $97.30.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
