Charlie Lee, creator of Litecoin predicted back in a December that Litecoin could crash to $20. Now in November, we are pretty close to seeing that price in reality.
It's not secret that Charlie sold all hes Litecoin holdings at the peak price, he received a lot of backlash from the community at the time. And to this day, people still criticize him. But it's less know that he predicted a multi- year bear market with Litecoin price dropping to as low as $20.
Charlie tweeted
"Ok, sorry to spoil the party, but I need to reign in the excitement a bit... Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy!"
Unfortunately, a lot of people ignored Charlee’s advice and were in the Euphoric stage at the time. But his prediction is pretty much on track to be true.
Even though the price more than doubled in a week after his prediction, it has dropped over 93% from the peak price of $366 to a low of $27 rhyming the previous bear market.
Litecoin’s Price After Charlie’s Prediction:
It turns out that Charlie took the right decision of selling the top at the time. He has justified his selling multiple times saying that it has nothing to with his belief in Litecoin but has to do with having a conflict of interest.
He wrote at the time:
“it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general,”
Blockmanity’s Take
No one knows if we have seen the bottom yet, there are chances that the prices might drop even more. History might not repeat but it always rhymes, when Crypto OGs like Charlie says something about the markets one has to pay more attention to that.