Creator of Litecoin Charlie Lee urged the market participants not to place excessive hopes on halvening of the cryptocurrency, which should happen next month.
According to Lee, the outcome of this event may be much more modest than some investors might expect. At the same time, the creator of Litecoin thinks that many market players are able to assess the prospects of the award's decline, taking into account the fall in the rate before the previous halving in mid-2015.
"If everybody thinks that the price will weaken in August and sell, the price will really go down," he said during the AMA-session on Chainnode portal on July 18, Chepicap writes. Lee also noted that despite the possibility of short-term price fluctuations, he is not concerned about the long-term prospects of Litecoin.
Lee sold his existing LTCs near a historic high at the end of 2017. One user asked how he managed to predict the bear market so accurately.
"I didn't know when the bear market would come, but I knew it would happen sooner or later. Having been in this industry for 6 years at that time, I have seen a lot of bear and bull markets. We always overestimate the ups and downs. Thus, when the market grows strongly, you should always make some profit. When I was selling, I didn't think I'd make the most of it. I just got lucky. Nobody knew that, including me. At the time, I thought Litecoin could grow to $1,000," he added.
The current high of Litecoin was fixed on December 19, 2017 at $375.29 - the day before the recognition of Lee.