Litecoin Price Jumps 17% on ETF Expectations & Whale Buying Spree

This week, LTC price has made a strong comeback, closely following the overall market’s recovery after positive US inflation data. It has outperformed many other cryptocurrencies, with a 17% rise in just the past 24 hours. This surge seems to be driven by heavy whale accumulation and growing excitement about the potential approval of Litecoin ETF.

Litecoin Price Surges Amid ETF Approval Hopes

As per James Seyffart tweet on X, @CanaryFunds has just filed an amended S-1 for their Litecoin ETF, which could signal some engagement with the SEC on the filing. While there are no guarantees yet, this move suggests progress in the approval process. However, it’s important to note that the 19b-4 filing, which is crucial for final approval, has not been submitted yet. This development adds to growing anticipation around the potential approval of a Litecoin ETF.

According to Santiment, Litecoin has decoupled from other altcoins, soring by 16.1% in market cap within the last 11 hours. Similar to the trend seen in early December, the main factor behind this surge appears to be whales and sharks holding 10K+ LTC. Since January 9th, they have accumulated 250K coins, fueling the price increase.

According to Javon Marks on X, Litecoin (LTC) is showing signs of significant strength and LTC price could be gearing up for a strong rally, with the first target near $354.36. This move could signal a potential upside of over 207%, and might just be the beginning.

What’s Next For LTC?

The daily chart shows Litecoin price formed a rounded bottom between April 2024 and December 2024. In late December 2024, LTC breached the $100 psychological level, setting up a local top at $147. Since then, the altcoin has produced lower highs, indicating profit-taking activity. 

Despite this correction, Litecoin appears to be forming a bottom around $100. A closer look at the price action between late December 2024 and mid-January 2025 reveals a potential double-bottom setup. The neckline of this pattern is around $116, where the price currently trades.

A decisive daily candlestick close that flips this resistance level into a support floor will confirm a breakout. In such a case, the double-bottom setup forecasts a 15% rally to $133, obtained by adding the depth of the pattern to the neckline.

In a highly bullish case with a massive spike in buying pressure, Litecoin price prediction notes LTC could overcome $133 and revisit $150. This move would constitute nearly 30% gain from the current level.

In conclusion, the overall outlook for Litecoin price looks bullish with a short-term target of $150, driven by hopes of an ETF approval and whale buying activity. However, if the price falls below the crucial support level of $100, then the bullish outlook will be invalidated. In such a case, LTC could drop nearly 6% and revisit the $95 support level.