Bitcoin Forum

Charlie Lee tweeted that he expects a Litecoin correction soon. Here is the tweet

"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! "

Might be a good time to sell for profit before the correction. any thoughts?

It says something very positive about Lee to make that statement. If you respect creator honesty hold on to it.

That said its about to plateau or correct so sell for profit and re-buy in

Charlie Lee is a real gent.
that said, i've liquidated about 60% of my LTC position and aiming to re-buy in, probably between 100-150USD or 900-1200k sats... great day, though!!

So strange for him to come out and say that, perhaps he is shorting his own currency?  ??? ??? I think a correction is a given but to such low levels I don't think so. Maybe to around $150.

I like litecoin but this is crazy.  Is this a push from asian investors?  I can't figure this one out

Well he would be full of crap if he said litecoin was gonna moon after already pumping, it's just common sense. I think he is a nice guy but I still don't see much in store for litecoin long term vs other alts.

Yeah I am planning to buy to if it reaches $150. I dont think he is shorting his own currency. He is probably trying to slow down the hype and wants an steady climb. If LTC kept going the way it was until now, a crash in the price and reputation would be most likely.

Maybe he's trying to stay honest. Anybody looking to those graphs could tell that a correction has to come. Of course, we'll not know in time how big is it going to be.
The growth was too big, too fast.

yes i really think you nailed it... coins that rise too fast and on excess hype have a hard time getting back on track... see what happened to Digibyte! it looked like it was going to be the real thing back in spring, it's tumbled and basically vanished since. even Neo is still suffering from too much hype around rebranding. so i agree with you: i also think Charlie Lee is just trying to protect its product.

i strongly disagree. given progresses on LN and atomic swaps, i think LTC is positioning itself to be the ideal and practical complement to BTC. was that to happen, 3rd or even 2nd rank in total marketcap would become a concrete possibility

It was more sarcasm than actual expectation, I'm sure he fully believes in his coin and you're probably right that he is just tempering expectations, I think perhaps a little over the top though, I guess prepare people for the worst but to suggest a 90% fall in price is pretty crazy. I'm guessing he doesn't have much faith on crypto not being in a big bubble right now!

well, i personally believe that correction will be milder and shorter this time, but a 90% fall wouldn't be unheard of - that's basically what happened every time BTC went on a similar rally as this year!! :D

A 90% fall would be far bigger than any individual rally, it would take us down to around $2000 which would be almost all of the years growth gone. Any percentage fall is always bigger than a % gain as the number you're working with to calculate the percentage is higher.

Such an odd thing to say lmao. But maybe some truth to it, great time to cash out and rebuy later.

Where is this tweet?
I looked at charlie lee's twitter and did not see such a tweet! ( https://twitter.com/SatoshiLite )
I think it is a news for speculation ;)

You can find it here, you just had to scroll down a little bit further! ( https://twitter.com/SatoshiLite/status/940353265585160192. ) Hopefully I don't get in to trouble for this, I don't know the rules around posting links!

Smart man I would heed his advice especially when it comes to LTC. However it shouldn't come as a surprise to anybody following the markets that LTC will correct. That other aspect though about the bear market that concerns me and that would suck if that happens but we will make it out nonetheless.

He could be right, litecoin is having a massive pump these last days (value was at peak around 350 $) without a real occasion.
I will hold my litecoin though and buy more when the crash comes!

Can someone explain how did litecoin get up so high? 

Hundreds of thousands of new people have signed up on coinbase and are investing money into btc, ltc, and eth. Hence why the price is mainly pumped up for these 3 over the past few days.

Nah he is clearly not talking for real, just trying to supress the hype and telling people they should not panic sell when it goes down a bit.

The prize is stabilizing every few hours btw its not just rising like crazy; when it raises for example by 50 dollars, later it will go back down 30-40 dollars and slowly regain the raise again etc. When it reached 250 for the first time it went back to 230, then moved up till 340, went down till nearly 300 and went back to 310

It's right now pretty much stabilizing at 310-320

a dip till 150 seems VERY unlikely to me, heck i don't even think it will go below 250 dollars anymore since today lol if it corrects big then maybe somewhere between 200 and 250 is a possibility but i highly doubt it

If you ask me the ''1XX'' days of litecoins are over and the 2XX might be as well

he didn't say correction is coming, he said there must be a correction some time. we don't know if it will be tomorrow or 3 months later. this is true. don't put all your money in litecoin. invest at your own risk.
he is trying to say that, don't get burned when crypto currencies start to crash so fast.

If we talk about correction, every coin will face that correction soon or later. Nobody know when for sure.
If we want to buy altcoin in good price, we will expect the correction too before buying.

This is why I like Litecoin... The team doesn't sit there shouting 'moon' and 'lambo' ad nauseam.

Charlie has a plan for sustainable and stable growth of the platform. Which occasionally gets interrupted when the BTC whales are looking for a sanctuary in uncertain times.

I like Litecoin very much because it has a professional DEV team and has a very clear strategy. Litecoin is currently on the rise despite the decline in the altcoin market due to the impact of bitcoin. Charlie Lee is a very responsible and assertive person.

This is the same as Vitarik Buterin. He said ethereum in the bubble now. But who care? ethereum still x2 so I think litecoin can go up more. :D keep hold

I liked Litecoins because of the stability but the manner it is flactuating these days, I guess I have to sell all my coins for a safe haven coins.

I aspect and correction on Litecoin too. Its price too high in short time. For sure so many trader will want to get some profit from this last price explosion so they will sell at least some of their coins and this will cause some drop. Maybe 10 % maybe 60-70% noone knows.

Well, we did have  a correction from $400s down to below $300 and now in low $300s.
Maybe it will stay around $300 for another day or two before going higher.

Price is still pumping rather than going through correction but I also think current pump on litecoin is just fueled by high speculation and hype around.

Price has increased by 3x within a week or better to say in last 5 days which can't be stable pump for sure. Correction might be around the corner....

I'm hoping for a correction to buy a few more LTC, but so far this year calling tops and predicting corrections had not been easy. Who knows, maybe it will come tomorrow, or a week later.

I do not think Litecoin will back to that target Charlie said. If the price reduce to that target, the market will become more un stable and the bubble may be explosion any time.

I think what they say is very true. This guy is the founder of this coin and he even realizes that the price rise is dangerous.
He does not want to be in the coin fluctuations.

Litecoin has still a good potential. If you want to hold for long term and if you have enough patient character, it is not a problem at all. Even if it drops a bit after a while it will continue to climb up more and more.

I respect Charlie Lee because most of his views about a coin do come to pass. This is expected because litecoin cannot sustained the bullish momentum and a heavy corrections is underway that might push litecoin price below  150. The current price of over  $350 was push too far without creating were price can have some support.

Looks like he want to buy back some LTC and is trying to bring the price down first. Of course he could be right and selling now is a good time. Who knows.

No sh*t Sherlock.  LTC's current rise looks very pumpy imho.  But I wonder why he's telling everybody that it will fall back to 20 USD.  Does he know something that we don't?  It's really unusual for a guy directly involved with the project say something like that knowing the risks it could cause the traders.

I am Litecoin owner and after i read this post i deposit all my LTC's to my bittrex account and wait online for exchange to bitcoin. I was really happy for the LTC raise but now i am very nervous.. I don't understand why would Charlie Lee made announcement like this?? Really i don't know what to do but 6 hours ago the LTC price was $335, now $308. I think i will exchange it..

My opinion, now is good time to sell too. Why? Litecoin run is going to the top and correction will happen soon.
Before correction, i will suggest to sell and buy back in lower price.

Litecoin isn't correcting anytime soon..Looks like the target is $500 now based on the TA so I wouldn't recommend selling right now.

bro's.

Just HODL, my god what a discussion lol.

Suddenly the price of LTC has increased a lot and yes soon there will be a correction happened. Soon the price of LTC will drop 250$ and will consolidate at 230$ to 250$ for sure.

We are all expecting a correction in bitcoin price since $5000, the thing is nobody now when will happen and how high this bull run will go.

Hold tight your coins, take some profit, enjoy life.

He isn't saying soon, he is just saying that is what he expects. And he is basing this off his experience with being in crypto for seven years. I believe he is only giving a word of caution that markets are cyclical. Perhaps this crypto thing is still new and we won't observe steady trends for a long time, but I think he is right to expect what should be expected. He is one of the few realists around, I really like him (and Litecoin).

If you're a Litecoin holder, then the price doesn't matter. If you're a profiter/trader, then sure, lock in your profits now.

I am not convinced by the predicted decline of up to 90% of this, from my vision of ltc for the upcoming will surely rise in price because from 2016 ltc there is always an increase ,, there is indeed a decrease but from last year the decline was not to exceed 95%