Litecoin’s third block reward halving event occurred on August 2, 2023 as expected, with network reward for miners cutting in half from 12.5 LTC to 6.25 LTC.

In the hours after the halving, Litecoin price fell to lows of $85.78, extending losses seen in the past 24 hours to more than 7%. It also means the cryptocurrency’s price has moved further from the pre-halving peak of $115 reached on July 3.

What does this action suggest for LTC price in the short-term?  A top crypto analyst has shared his Litecoin price prediction.

Analyst sees more bleeding for LTC post-halving

According to Rekt Capital, LTC witnessed a “picture-perfect rejection” at its macro downtrend line. He says this could see the altcoin decline more post-halving. The potential retracement following a pre-halving peak has historically oscillated in the 73%-83% region.

 

“However, given that the pre-halving rally was diminished in terms of returns, this upcoming retrace may also turn out to be shallower than history suggests.”

Explaining further what could happen in the short-term, the analyst pointed to the chart below.

(Click on image to enlarge)

Litecoin price chart showing pre-halving and post-halving movement. Source: Rekt Capital on X

If the outlook plays out, Rekt suggests bears might fancy pushing LTC price to the key support area near $66. The other main demand zone below this would be around $35, which are levels reached following the 2019 halving.

A deeper retracement for Bitcoin could add to this possibility, although prices are likely to then consolidate for a few months before exploding higher. In his price forecast for the world’s 12^th largest cryptocurrency by market cap in a post on X earlier today, the analyst said:

 

“An up to -70% from the pre-halving local top could occur. After its correction, LTC would form a new post-halving accumulation range (black-black). If the correction turns out to be -70%, the range low of that accumulation range would be a confluent support with the macro higher low trendline (orange). Price would likely consolidate here for several months before finally breaking beyond the orange macro downtrend.”

Litecoin price was around $87 at the time of writing.

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