Crypto analyst EXCAVO has suggested that potential Litecoin ETFs could trigger a significant price increase for LTC. The analyst further explained how high LTC could potentially climb by the end of this bull cycle, attributing it to the influence of these ETFs.

How Litecoin ETFs Could Propel LTC’s Price to $800

In a TradingView post, EXCAVO pointed to Litecoin ETFs as a key factor that might drive LTC’s price to $800 by the cycle’s peak. He mentioned Litecoin’s origin as a Bitcoin fork and its relatively simple technology. However, he argued that decentralization and adoption dynamics make LTC a strong candidate for a potential ETF.

The analyst emphasized that these Litecoin ETFs represent a bullish fundamental element that could push LTC towards this price target. Notably, companies like Grayscale, Canary Capital, and CoinShares have already submitted applications to the SEC to launch Litecoin ETFs. According to Bloomberg analysts Eric Balchunas and James Seyffart, there’s a strong 90% likelihood that the US SEC will approve these funds within the current year.

LTC set to reach $800 once ETFs is approved | Source: Excavo on Tradingview.com

Therefore, if these Litecoin ETFs are approved this year, they could readily elevate the LTC price to the $800 level predicted by EXCAVO. From a technical analysis standpoint, the analyst also pointed out a standard triangle pattern with horizontal resistance at the top for the cryptocurrency. He further noted that such resistances typically experience strong breakouts. Consequently, the analyst expresses confidence in LTC reaching $800 in this cycle, supported by both positive fundamentals and technical indicators.

EXCAVO also referenced the LTC/BTC trading pair, indicating that its downward trend has ceased and the bottom is likely established. In line with this observation, he suggested anticipating an imminent upward surge.

LTC Expected To Reach $180 In The Near Term

Crypto analyst Dom, in a post on X, shared his view that the Litecoin price is on track to reach $180. This statement was part of his explanation for why he believes LTC has not yet peaked in this cycle. Referring to historical trends, the analyst asserted that Litecoin’s chart does not exhibit characteristics of a topping formation, as market tops usually form rapidly.

Dom also highlighted the bullish nature of Litecoin’s price, noting it’s currently above its all-time high (ATH) Volume-Weighted Average Price (VWAP). However, he cautioned that a drop below $103 would invalidate this bullish outlook.

Meanwhile, crypto analyst Crypto Bullet emphasized that “LTC will fly soon.” His accompanying chart indicated that Litecoin’s price could ascend to $210 during this expected parabolic rally. Crypto analyst Charting Guy also holds a bullish stance on Litecoin, comparing it to “XRP 2.0,” suggesting a potential resurgence similar to XRP’s performance last year.

As of the writing time, Litecoin is trading around $123, reflecting a nearly 1% decrease in the past 24 hours, according to data from CoinMarketCap.

Source: newsbtc.com