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Charlie Lee, creator of Litecoin predicted in December that Litecoin could collapse to $ 20. Now in November, we are close enough to see that price in reality.
It is no secret that Charlie has sold all his holdings in Litecoin at the peak price, at the time he received a lot of backlashes from the community and until today people still criticize him. But it is less known that predicted a multi-year bear market with the price of Litecoin dropped to a minimum of $ 20.
Charlie tweeted:
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"Ok, I'm sorry to ruin the party, but I need to reign a bit of excitement … The purchase of LTC is extremely risky.I expect that we will have a multi-year bear market like the one we have just got when LTC lost 90% in value (from $ 48 to $ 4) So if you can not handle LTC going down to $ 20, do not buy! "
Unfortunately, many people ignored Charlee's advice and were at the euphoric stage at the time. But his prediction is practically on track to be true.
Although the price has more than doubled in a week after its prediction, it has fallen more than 93% from the peak of the price of $ 366 to a minimum of $ 27 to remodel the previous bear market.
The price of Litecoin after Charlie's prediction:
Image source: Coinmarketcap
It turns out that Charlie made the right decision to sell the top right now. He justified his sale several times stating that it has nothing to do with his faith in Litecoin but has to do with a conflict of interests.
He wrote at the moment:
"It's a conflict of interest for me to keep LTC and tweet on it because I have so much influence, I've always refrained from buying / selling LTC before or after my major tweets, but that's something I only know And there will always be a doubt that none of my actions has been to promote my personal wealth above the success of Litecoin and the cryptocurrency in general. "
Take of Blockmanity
Nobody knows if we have already seen the fund, there are chances that prices could fall even further. The story may not repeat itself, but it always rhymes, when the OG Crypto like Charlie say something about the markets, we need to pay more attention to this.
Read also:
Litecoin Creator explains how he avoided Litecoin from 51% attacks in the early days
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