A leading analytics firm says a certain class of crypto traders is rapidly accumulating the peer-to-peer payments network Litecoin (LTC) in anticipation of its upcoming halving event.
Santiment says that Litecoin dolphins and sharks have accumulated 205,400 LTC worth nearly $19 million since June 14th.
According to the analytics firm, the mid-tier holders are loading up on LTC as the altcoin approaches its halving event which is slated for August 2nd.
“With Litecoin’s highly anticipated halving event within arm’s reach on Wednesday, key traders holding between $9,500 and $950,000 worth of LTC are aggressively accumulating. Like most coin halvings, this is being perceived as a bullish event by traders.”
While LTC dolphins and sharks appear to be bullish on the 12th-largest cryptocurrency, closely followed crypto strategists do not share their optimism.
Pseudonymous analyst DonAlt, who successfully caught LTC rallies throughout the year, previously predicted that the halving will likely be a sell-on-news event based on historical data.
“LTC halvings on a chart.
This is why I shilled this more than half a year ago and stopped weeks ago.
The halving isn’t a bull catalyst anymore. It’s a drag given a bunch of people only bought it in anticipation.”
Trader Rekt Capital is also bearish on LTC. According to the pseudonymous analyst, LTC could witness a post-halving pullback after Litecoin closed the month of July below a key support level.
“LTC still hovering below red.
Needs a monthly close above red to flip it into new support.
(Monthly) close above red could still mean LTC could see an upside going into the Litecoin halving.
Fail to retest red ($94) as support could start the post-halving correction.”
At time of writing, LTC is trading for $92.27.
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Generated Image: Midjourney