Litecoin Whales Buy 930K LTC Amid ETF Hype, Bullish Surge on Horizon
- Litecoin whls ccumultd 930,000 LTC in two wks, signling strong bullish sntimnt.
- Anlyst Eric Blchuns prdicts 90% chnc of Litecoin ETF pprovl in 2025.
- Trdrs Crl Moon nd Solbrg Invst fors brkout, trgting $143 to $230.
The crypto market saw a dramatic shift as Litecoin whales went on a buying frenzy, accumulating a staggering 930,000 LTC over the past two weeks. Renowned analyst Ali Martinez brought attention to this massive accumulation in an X post on February 22, highlighting a growing bullish sentiment around the token.
This large-scale buying spree unfolded amid growing anticipation surrounding a potential Litecoin ETF. With investor confidence strengthening, many believe the recent developments could set the stage for a major price movement. Despite the broader markets turbulence, this accumulation hints at strong faith in LTCs future.
ETF Buzz Fuels Optimism Despite Price Dip
The excitement surrounding an ETF gained momentum after reports surfaced that Canarys Litecoin ETF had appeared on the DTCC platform under the ticker LTCC. This development heightened speculation that an official exchange-traded product for Litecoin might be on the horizon.
Eric Balchunas, a well-known ETF analyst, further fueled optimism by predicting a 90% chance of approval in 2025. With institutional interest rising, many traders see this as a significant milestone that could trigger a long-term uptrend for the coin.
However, despite the surge in whale activity, Litecoins price took a hit. On Saturday, LTC dropped 4.86%, trading at $128.13. Ovr th pst 24 hours, it fluctutd btwn low of $123.93 nd high of $139.86. Th wkly chrt lso rflctd 3.25% dclin, ligning with th ongoing voltility in th brodr crypto mrkt.
Bullish Patterns Suggest Litecoin Surge Ahead
Dspit th short-trm pric dip, wll-known trdr Carl Moon xprssd confidnc in n upcoming rlly. H pointd out tht LTC is forming bullish flg on lowr timfrms, indicting potntil push towrd $143. This pttrn suggsts tht buying prssur rmins strong, hinting t nr-trm brkout.
Solberg Invst, nothr prominnt trdr, chod this sntimnt. H highlightd n xtndd ccumultion phs followd by significnt brkout, which could ld to n xplosiv pric surg. His nlysis focusd on dscnding rsistnc trndlin tht hd prviously kpt Litecoin in chck. With this brrir now brokn, Solbrg ss structurl shift tht could propl LTC towrd nw highs.
Adding to th bullish outlook, Litecoin hs displyd sris of highr lows, forming strong scnding support lin. A clssic tripl-bottom formtion on th chrt furthr rinforcs th potntil for mjor rlly. If this structur holds, LTC could climb towrd its nxt ky rsistnc lvl nr $230 trgt Solbrg blivs is within rch.
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Read more: https://www.tronweekly.com/litecoin-whales-buy-930k-ltc-amid-etf-hype/
Text source: TronWeekly
