Litecoin’s price has risen significantly due to anticipation of an ETF approval, while Bitcoin Cash suffers in a bear market. Despite BCH’s current decline, it may present a better investment opportunity due to potential future ETF applications and forming bullish patterns, indicating significant upside potential.

The price of Litecoin has seen significant growth, rising from $50 in August of the previous year to $130 currently. This surge is primarily attributed to the recent application for a spot LTC ETF by the company Canary, which has improved the prospects for SEC approval. In light of this development, it is worth examining whether Bitcoin Cash (BCH), often overlooked, may present a more favorable investment option at this juncture.

Currently, Bitcoin Cash is experiencing a bear market as it has declined approximately 46% from its peak in December of last year. The asset has recently formed a death cross pattern, as indicated by the crossover of the 50-day and 200-day Weighted Moving Averages (WMA). Moreover, BCH appears to be forming a bearish flag chart pattern, which typically suggests a continuation of its bearish trend.

Given the bearish indicators, BCH may face a substantial downward movement in the near future, particularly with the next significant support level situated at $273.4 – the lowest mark observed last week and in August. A decline of about 20% from the current price is possible unless Bitcoin Cash breaks through the resistance level of $365, which would invalidate the current bearish outlook.

Despite the bearish trend of Bitcoin Cash, there are arguments suggesting that it may be a more strategic investment choice compared to Litecoin. While Litecoin’s potential ETF approval has been anticipated, had this news been already factored into the current market prices, it could lead to a downturn post-approval, illustrated by the market adage “buying the rumor, selling the news.”

Conversely, the anticipated approval of Litecoin’s ETF may prompt an application for Bitcoin Cash, potentially enhancing its market position and price over time. Additionally, there are indicators suggesting BCH has established a double-bottom pattern at $273, with an upward movement potentially leading to an 87% increase from its current level and a remarkable 92% rebound from its double-bottom point.

In summary, while Litecoin has experienced a noteworthy price surge fueled by ETF developments, Bitcoin Cash presents a compelling investment opportunity despite its current bear market status. The potential for a BCH ETF application, coupled with key technical patterns, suggests that BCH could offer considerable upside potential. Investors may therefore wish to consider Bitcoin Cash as an alternative during this volatile period in the cryptocurrency market.

Original Source: www.banklesstimes.com

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