There are two days left for LTC halving!

BTC鸣哥 · 2023-08-01T15:50:01.000Z

The current price of LTC is around 94 points, which has started to fall back to 87.61 points in the morning from the high of around 96.2 points in the previous two days. This round is expected to be halved on August 3, when the block reward will drop from 12.5LTC to 6.25LTC. Looking at the annual market, BTC has an annual increase of 74.3%, ETH has an annual increase of 52.21%, and LTC is only 32.74%. Among the old mainstream of the first round of big bulls, combined with the super good news of halving, LTC has become this year’s annual joke. The biggest difference from the previous two rounds of halving prices, which were often more than ten times or seven or eight times, is that after this year’s LTC received a large amount of funds and attention, the market did not see an impulsive trend that was eye-catching enough. A more rational view from a macro perspective is that there are not many new narratives in the market. Both retail investors and some institutions are focusing on LTC. However, external liquidity constraints do not allow new funds to enter. As a result, the current market makers want to pull the market but dare not. There are movements that lead to a situation where the money is pulled into the crotch.

The current price of LTC is around 94 points, and it has started to pull back from the high of 96.2 points in the previous two days to 87.61 points in the morning. The halving is expected to take place on August 3, when the block reward will drop from 12.5 LTC to 6.25 LTC. Looking at the annual market, BTC has increased by 74.3% and ETH has increased by 52.21%, while LTC has only increased by 32.74%. In the mainstream of the first round of big bulls, with the super positive effect of halving, LTC has become the joke of the year.
The biggest difference from the previous two rounds of halving, which saw a dozen or seven or eight times increase, is that after LTC this year has received a lot of funds and attention, the market has not seen an impulsive trend that is eye-catching enough. A more rational view from a macro perspective is that there are not many new narratives in the market, and both retail investors and some institutions are paying attention to LTC. However, due to external liquidity constraints, there is no new capital inflow, which has led to the current situation where the market makers want to pull the market but dare not take any action, resulting in a situation where the deposit is low.
Regarding the future market, my views may differ from those of most of my friends who are not optimistic about LTC in the long term. From the perspective of sector narrative, LTC belongs to one of the Bitcoin ecosystem series; from the perspective of market attention, LTC has always been in the top 30 cryptocurrencies; from the perspective of macroeconomic policies, LTC has been selected as one of the first currencies listed on the NYSE.
In other words, the short-term decline is subject to the current market environment. A good cook cannot cook without rice. The market of the first two rounds of halving is defined as the final high and low positions three months before and after the halving. If we still want to bet on the LTC market in this round, it is expected that there will be no unexpected trend in the next three months. The final unexpected explosion is expected to be in the concept of the next round of Bitcoin narrative.
Before the CRV vulnerability was exposed, the market had been in a high-level adjustment trend, with a retracement and stabilization breakthrough trend, that is, it seemed to be falling, but it had not broken through, and had been a healthy trend of bottoming out. However, all this came to an abrupt end as the CRC vulnerability brought down the DEFI sector, indirectly bringing down the entire current market.
The founder of Curve has been publicly reported to be actively repaying loans today, and has received support from multiple project parties in the circle. From what we know, the project as a whole is gradually moving in a good direction. This must also give us a warning. Before the definite interest rate cut, we can and must do that we should safely store our USDT assets in physical ways. Other fancy financial management may become the last mine before the next round of bulls come.
The risk of the market has risen to a very high level since today. Whether the last shot of this round of mid-term rebound has ended here, we can finally make it clear by paying attention to whether the weekly line of 28360 points falls below this week. In the policy window period in August, the healthy logic is indeed to take a steady and wide and volatile market. It is only the beginning of the month, so we will wait and see. It has been said before that we don’t need to do trends that we don’t understand, and we don’t have to force ourselves to operate when there is no market. When you are in a bad mood, your emotions are not right, the macro is not in place, and you are not more than 80% sure, don’t operate no matter how good the short-term market is.
BTC: The bottom of Bitcoin is 28360 points. A drop below this level means a new round of short positions. Those who have made profits in the early stage can run away, and those who have no profits and a small retracement do not need to hold on. The signal that the upward trend is back on track is that Bitcoin has regained its footing at the trend support of 29200 points. The ability to go up indicates that the short-term short positions have been fully digested, and it is very likely to continue the previous fishtail market. It is better to wait and see cautiously.
ETH: Ethereum is linked to Bitcoin. After a short-term plunge, it quickly pulled back. The bottom strong support was not effectively broken, but a short-term bearish trend signal was formed. The short-term strong support is 1800 points, and the upper pressure is 1880 points. Let's see whether it can come back strongly after the market linkage.