Litecoin Could See 200% Spike Before August Halving, Says Crypto Analyst: 'History Tends To Rhyme'

As the Litecoin LTC/USD halving event approaches in August, anticipation around how it will impact the cryptocurrency’s price action continues to mount. 

What Happened: Pseudonymous analyst BlockchainSanta on Tuesday said that LTC may experience a potential 200% upside in the days leading up to the halving, based on the cryptocurrency’s historic performance during previous halving events. 

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"Likely a good idea to start buying spot LTC in May, as history tends to rhyme," the analyst tweeted.

If LTC lives up to these historic expectations, it could be worth more than $250.

Why It Matters: On-chain data from Santiment reveals that long-term holders are responsible for most of the recent buying activity. However, this does not guarantee the absence of potential short-term sell pressure.

Price Action: At the time of writing, LTC was trading at $91, up 3.31% in the last 24 hours, according to Benzinga Pro data.

Read More: Bitcoin, Ethereum, Dogecoin Rise Despite Recession Fears: Analyst Forecasts ‘Crypto Summer’ This June

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