Litecoin (LTC) bounces strongly as bulls brush off brief retreat

Litecoin (LTC) bounces strongly as bulls brush off brief retreat

By Benson Toti - min read
  • Litecoin price bounced strongly to see bulls hit a 14-month high near $110.
  • LTC last traded at these prices in April 2022, and could hit new multi-year highs as the Litecoin halving approaches.
  • Prices fell to $84 earlier in the day after markets reacted negatively to news about spot Bitcoin ETfs.

Litecoin is still poised for more upside action after an enforced breather pushed LTC back to lows of $84 on Friday. 

A strong rebound for LTC in the last few minutes had buyers eyeing $110, even as the cryptocurrency reached its highest level since early April 2022.

Litecoin price on the daily chart. Source: TradingView

What happened to the LTC price today?

Litecoin had surged to highs of $103 earlier in the day as bulls looked to breach a level last reached in mid-February. 

However, the momentum was briefly halted as the broader market reacted to a news report that the US Securities and Exchange Commission (SEC) had provided feedback on recently filed spot Bitcoin ETFs indicating the filings were “inadequate.”

As reported here, Bitcoin briefly fell below $30k as the market reaction injected sell-off pressure. But there has been some kind of swift rebound for BTC as buyers rode on the details of the “quick” feedback from the SEC.

BlackRock, Fidelity and other asset managers that recently submitted applications for a spot Bitcoin ETF will need to refile with the SEC. Specifically, they have to clearly point out which spot crypto exchange provider they have a market surveillance sharing agreement (SSA) with. 

LTC price bullish ahead of halving

Litecoin’s positive outlook is down to a key fundamental factor – the network’s upcoming halving will only be days away now as July begins. The countdown to the halving shows that the highly anticipated event is expected at block 2,520,000 on August 2, 2023.

The network’s third halving, after 2015 and 2019, will see block reward reduced from 12.5 LTC to 6.25 LTC.

Amid the exuberance about potential price growth, hashrate recently rose to its all-time high of 958.36 TH/s. CoinWarz data indicates the milestone was reached on June 28, 2023 at block 2,499,942.

With price near $110 and the halving event around the corner, LTC price could rise to $200 pre-halving. Post-halving, it’s the all-time high of $410 that could be a nice target for bulls.