PS3 price cut expected to coincide with PlayStation 4 reveal

Come Wednesday, February 20, all eyes will be on Sony. The company is widely expected to unveil the future of gaming with what is presumed to be the PlayStation 4. Moving forward, the PS4 will likely be the future for Sony, but let us not forget the past. The PlayStation 3 is still a magnificent system with some fantastic games still pegged for release. The Last of Us, God of War: Ascension, ​and Beyond: Two Souls are just three reasons why the PS3 may still be a wise investment. And with the PS4 seemingly on the horizon, we're looking at potential price cuts that will make the PS3 more affordable than ever.

Speaking to GamesIndustry International, Wedbush Securities analyst Michael Pachter fully believes we'll see a price cut for the PS3 immediately following the official PS4 announcement — we're talking as soon as "February 21st," according to the respected analyst.

Pachter expects the PS3 will come down to $199, at which point Microsoft will make an effort, by this year's E3, to match the price with the Xbox 360. Microsoft hasn't yet announced their console, but they are also expected to be working on a next-gen Xbox. The announcement of the new PlayStation doesn't guarantee a price drop, but considering how low PS3 bundles were sold for during last year's Black Friday period, I don't see why Sony would wait too long to make the move.

If you already own a PS3, you may want to think twice about trading it in for credit. It's rumored that the PS4 will not be backwards-compatible. In its place, Sony is expected to offer PS3 games via a streaming service using Gaikai technology.