BTC is once again under $70,000, this time experiencing a more stubborn decline. The recovery has not yet begun. Even in the most fervent days of bull markets, losses of up to 30% are normal. If BTC starts such a losing streak, the consequences for altcoins could be devastating.
Litecoin (LTC)
Last year, after the halving event, Litecoin saw a rapid increase in price. However, following the peak, its price dropped sharply. Now, with the focus on peaks above $100 due to BTC halving and ETF approval, it has started to decline. The 351,000 wallets that have been waiting for LTC’s price to stay above $100 for 10 months were disappointed with today’s movement.
Investors who bought 3.96 million LTC between $94 and $101, amounting to $400 million, are stuck due to weak performance. While many altcoins have multiplied in price, LTC Coin investors were not so fortunate.
Long-term investors represent a significant portion of LTC holders. These are investors who have held their assets for over a year, aiming for the bull market peak. However, there is a considerable number of short-term traders who could deepen the current negativity.
LTC Price Prediction
If the $94 region can be maintained and the group that has not yet started heavy selling remains patient, we could see a quick recovery. A price targeting $100 and $104 could aim for much higher peaks. More importantly, the $100 support must remain solid for long-term movement.
A loss of the $96-$94 range could lead to a drop to $90. The daily chart shows the price struggling to maintain support, with spikes down to $90. The long tails on the last three red candles indicate that overselling is being met by buyers.
It’s not surprising that altcoins are heavily affected by BTC negativity. However, if selling continues, a decline to the $88-$83 range followed by a potential drop to the $75 region is possible. Since the price has already visited this area within March, it’s not an unlikely scenario.
Excessive selling could trigger a significant loss series from $92 down to the $67 support level.
