Will Bitcoin ETF Get Approved?
Litecoin (LTC) has faced a slump in the past few days, and while the halving event in August 2023 reduced mining rewards from 12.5 LTC per block to 6.25 LTC, it didn’t lead to a notable increase in the price. The Litecoin halving cycle, occurring every 840,000 blocks as per the Litecoin protocol, has now been completed three times, including the 2023 event.
Despite this, many crypto analysts see the current dip in Litecoin’s price as a prime opportunity for long-term investors. Furthermore, expectations are building around Litecoin benefiting from the potential approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).
Crypto analysts are optimistic about the year 2024, with some predicting the cryptocurrency market cap could hit $3.2 trillion. There is growing optimism about the approval of Bitcoin ETFs by the SEC in early 2024, and such an event could positively influence Litecoin (LTC) as well.
Spot Bitcoin ETFs at a Crucial Stage with SEC Review Pending
The financial world is on the brink of a major milestone, as spot Bitcoin ETFs are waiting for approval from the Securities and Exchange Commission (SEC). Approval would signify a significant step in integrating cryptocurrency into mainstream financial markets. Several firms, including Grayscale Investments, are submitting amended 19b-4 forms for their spot Bitcoin ETF applications. These documents must be reviewed and approved by the SEC before trading can commence.
Once these forms are approved, the ETFs can begin trading, which is expected to positively influence both Bitcoin and altcoins like Litecoin. While the approval timeline remains uncertain, with some firms having deadlines extending into March, the anticipation continues to build, and decisions from the SEC could greatly impact the market in the coming weeks.
Litecoin (LTC) Analîza Teknîkî
Since December 29, 2023, Litecoin (LTC) has dropped by more than 15%, from $77.88 to a low of $58.07. The current price of Litecoin stands at $65. According to technical analysis, the risk of further decline remains as long as LTC stays below the $70 mark, keeping the price in the “SELL-ZONE”.
Key Support & Resistance Levels for Litecoin (LTC)
In this chart (from May 2023), important support and resistance levels are highlighted to help traders gauge price movement. Litecoin is currently under pressure, but if it breaks above the resistance at $70, the next target could be $80. The current support level is at $60, and if the price falls below this level, it could signal a “SELL” and open the way to $55. A drop below $50 could lead to further declines toward the $40 range.
Factors Supporting Litecoin’s Price Increase
The cryptocurrency market remains volatile, with fluctuations expected despite efforts to stabilize the market. However, analysts are hopeful that the approval of a Bitcoin ETF by the SEC could positively affect Litecoin’s price. If Litecoin’s price surpasses the $70 resistance, it could head toward $80, and breaking that level would provide the bulls control over the price movement.
Potential Triggers for Litecoin’s Decline
Litecoin’s downfall could be driven by market sentiment, regulatory issues, or external events. A negative shift in the crypto market or bad news could cause Litecoin’s price to fall below its support level of $60, which could lead to further declines toward $55. Additionally, Litecoin’s price often follows Bitcoin’s movements, so a drop in Bitcoin’s value below $40,000 could negatively impact Litecoin’s price.
Nêrînên ji analîst û pisporan
Often referred to as “digital silver,” Litecoin (LTC) is seen as a valuable asset by many crypto analysts, with the current price dip viewed as a potential buying opportunity for long-term investors. Many experts are also optimistic that Litecoin will benefit from the excitement surrounding the possible approval of Bitcoin ETFs by the SEC. If approved in the coming days, this could lead to an increase in Litecoin’s price, further solidifying its place in the cryptocurrency market.
Ava dikan: Cryptocurrency investments are highly volatile and not suitable for everyone. Never invest more than you can afford to lose. This information is provided for educational purposes and should not be considered as investment advice.
