Litecoin (LTC), a long-standing altcoin in the cryptocurrency market, is expected to surge significantly in the coming months. This positive sentiment was recently shared by a key player in the cryptocurrency community. A handful of market participants also seem to share similar views.

According to recent tweets made by the pseudonymous crypto proponent Pentosh1, Litecoin ( LTC) is well-posited to surge by more than 15 percent after the upcoming Litecoin (LTC) halving.

Taking to Twitter, Pentosh1 shared a trading chart, in which he highlighted the price of Litecoin (LTC), which was previously sitting at $92 when the tweet was shared.

The crypto proponent’s graph further showcased Litecoin’s potential in the near term. According to Pentosh1’s graph, the asset could tap the $105 mark before the halving commences. The rally is expected to extend past the halving. Pentosh1’s graph points to a staggering $138 price mark for Litecoin (LTC).

Setting a timeline for his price prediction, the analyst supported his graph with a notable statement. “History doesn’t repeat itself but it often rhymes. I wouldn’t be surprised to see something like this in the next 8-10 weeks.” Pentosh1 wrote in the tweet.

$LTC
History doesn't repeat itself but it often rhymes

I wouldn't be surprised to see something like this in the next 8-10 weeks pic.twitter.com/FeYa1Opdwq

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) May 17, 2023

Here’s what to expect with the upcoming Litecoin halving

Meanwhile, at press time Litecoin (LTC) is nursing losses, although the previous weeks have been largely positive for the altcoin’s price. The altcoin like many others has stumbled into the red zone in the last hour.

However, while the likes of Bitcoin ( BTC) and Ethereum (ETH) are down by 17 percent and 18 percent respectively in the last hour, Litecoin ( LTC) is down by only 0.50 percent. On the flip side, Litecoin (LTC) has attained enough gains to allow it to comfortably maintain its position in the green zone.

Litecoin bulls have succeeded in securing gains of 0.88 percent in the last 24 hours. Likewise, the asset has raked in 15% in value, over the last 7 days. At the time of press, Litecoin (LTC) is trading at a price of $92.

Meanwhile, the upcoming Litecoin halving has been a major topic amongst community members. In a recent announcement, the official Litecoin Twitter handle shed details of the halving, which details the significance of the event, and the reward amongst other things.

With the #Litecoin halving approaching, we created this video to explain more about this mathematical event, when it happens, how the reward works and why is it so important. $LTC

— Litecoin (@litecoin) May 14, 2023

The halving will be the third of its kind for the network and is scheduled to kick off at 10:15:18 (UTC), on the 2nd of August. The halving will result in miners’ rewards dropping from 12.5 Litecoin (LTC) to 6.25 Litecoin (LTC).

Demand is expected to skyrocket once the halving is concluded in August, and in the long term.