Charlie Lee, the inventor and founder of Litecoin, has made a number of bold price predictions over the past few years. These predictions were amazingly accurate. Under his predictions, he accurately predicted the low point for LTC and sold his holdings near the top of the bull market in 2017.
Charlie Lee was a former Google employee and computer scientist before founding Bitcoin’s Litecoin complementary cryptocurrency. After Google, Lee was Managing Director of Engineering at Coinbase. He now works for the Litecoin Foundation to promote the adoption of the cryptocurrency full-time. Lee told Forbes:
“When I published Litecoin, there were many other cryptocurrencies that were mined by founders in advance [that] wanted to be super rich. I announced Litecoin on Bitcointalk so people could mine it from the start. It was more common than Bitcoin from the start. “
Litecoin is a cryptocurrency that aims to be a counterpart to Bitcoin as a store of value. So much so that Litecoin is often colloquially compared to silver among crypto enthusiasts and Bitcoin to gold.
Lee’s legendary price predictions
On May 8, 2017, Litecoin was the first major cryptocurrency to implement Segregated Witness (SegWit). SegWit alleviates a blockchain size limitation problem that slows transaction speeds and lays the groundwork for Lightning Network.
More than a month before the network-wide implementation of the update, Charlie Lee correlated the number of nodes signaling that they will implement SegWit with the price of LTC:
I found out what the LTC price * will be when we have SegWit enabled!
20% => 4 USD
60% => 9 USD
100% => $ 14
* This is not trading advice! 😁
– Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2017
When it opened on April 3, the day of the tweet, Litecoin was trading at $ 7.74 per coin. With a final forecast of $ 14, his forecast was for an 81 percent increase in LTC price.
Two days later, on April 5, the coin closed above USD 11. On May 10, the day SegWit was fully implemented on the Litecoin network, the company closed at $ 31.96 – well above expectations, and the price increased four times.
Source: CoinMarketCap
On September 14, 2017, Tuur Demeester – founder of Adamant Capital, a Bitcoin Alpha fund – began buying Bitcoin after it dropped from $ 4,650 to $ 3,000 in a week. Charlie Lee agreed and called the floor:
I agree. I think we’re at the bottom or very close.
– Charlie Lee [LTC⚡] (@SatoshiLite) September 14, 2017
Source: CoinMarketCap
The next day, Bitcoin hit its low point just under $ 3,000. BTC has not traded at such a low price since then.
Prediction of the incoming crypto winter
Charlie Lee predicted the top of the market in anticipation of the following crypto winter. He announced that he expected a similar perennial bear market to decimate LTC’s price:
Ok sorry to spoil the party but I have to rule in the excitement a bit …
Buying LTC is extremely risky. I expect to have a multi-year bear market like the one we just had, with LTC depreciating 90% in value ($ 48-4). So, if you can’t handle LTC dropping to $ 20, don’t buy! 😀
– Charlie Lee [LTC⚡] (@SatoshiLite) December 11, 2017
About a year after cryptocurrency prices peaked December through January amid the bear market lows, traders were amazed at Lee’s predictions that Litecoin will bottom out at $ 20:
If $ LTC Bottom was $ 22 (which I very much doubt) @SatoshiLite is considered the best position trader in my book.
In December 2017, the top literally sold, telling people not to buy if they couldn’t handle a drop to $ 20.
You can’t make this stuff up! pic.twitter.com/c4dfJ2Rxym
– The Crypto Monk ⛩ (@thecryptomonk) December 8, 2018
Shortly after his tweet predicting Litecoin would bottom out at $ 20, Lee also announced that he had sold all of his LTC holdings – which predicts Litecoin’s high bull market almost perfectly.
Source: CoinMarketCap
In his announcement to the community about the sale of his holdings, Lee stated:
“… There will always be doubts as to whether any of my actions should boost my personal fortune beyond the success of Litecoin and cryptocurrency in general. Because of this, I’ve sold / donated all of my LTC in the past few days. Litecoin was very good for me financially, so I’m well enough that I no longer have to link my financial success to the success of Litecoin. For the first time in more than 6 years I don’t have a single LTC … “
The “Flappening”
Related: The unflappening, Bitcoin Cash leaves Litecoin Roost
The “flappening” is a play on words about the previously expected “flippening” in which Ethereum would overtake Bitcoin through market capitalization. In the case of flappening, Litecoin would overtake Bitcoin Cash in the rankings, with BCH outperforming LTC for several months in a row.
Litecoin enthusiasts adopted the terminology by introducing its founder Charlie Lee to the term “Lee’s online nickname and persona,” as the “chikun” makes the slang appropriate.
On February 25, 2018, Lee predicted that LTC would overtake BCH’s position:
The flippening (ETH> BTC) will never happen. But the flappening (LTC> BCH) will take place this year. 🐔🚀 pic.twitter.com/vn9XBdZNC3
– Charlie Lee [LTC⚡] (@SatoshiLite) February 25, 2018
And in December of the same year, after the Bitcoin Cash Hash Wars, there was a “flapping” in which BCH split into Bitcoin Cash ABC and Bitcoin SV and devalued the coin considerably.
The flutter! @ SatoshiLite Congratulations on this. Seriously. $ LTC $ BCH $ BSV pic.twitter.com/LTcL1mzrUb
– WhalePanda (@WhalePanda) December 14, 2018
On December 15, 2018, one day after the flutter, Litecoin briefly hit its multi-year low of $ 22 – just $ 2 off its forecast over a year earlier – and Lee tweeted (aptly):
⚡️ “Don’t bet against Charlie Lee” https://t.co/sDzXJQ8srL
– Charlie Lee [LTC⚡] (@SatoshiLite) December 16, 2018
Source: CoinMarketCap
Following his tweet, Litecoin bounced back from its $ 22 low and has not traded at a lower price since.
These are only a limited number of the predictions Charlie Lee made. Unlike other experts who claim they can predict the price of Bitcoin or see into the future, Lee does not make these claims. And when he makes predictions, he often does so with astonishing accuracy.
If his track record says anything to investors, the advice from the Litecoin founder, “Don’t bet against Charlie Lee”, appears to be correct.
Thanks to Jacob Canfield for his TradingView observations which inspired this post.
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