The price of Litecoin (LTC) increased by 4% on Thursday after recovering from the recent market shake-up caused by the Federal Reserve’s rate announcement. The current sentiment among Litecoin miners is uncertain, but their accumulation of LTC may have a positive impact on its price outlook.

As the LTC halving event approaches, crypto miners on the Litecoin network are demonstrating confidence by increasing their bullish positions. This is happening despite the widespread fear, uncertainty, and doubt (FUD) surrounding the crypto industry.

Litecoin Miners Are Demonstrating Confidence

In contrast to market trends, Litecoin miners have maintained a positive stance in June 2023. On-chain data shows that instead of selling their holdings during a 16% price retracement, miners have been increasing their reserves.

IntoTheBlock provides real-time information on the balances of wallets controlled by recognized miners. According to their data, LTC miners have accumulated 250,000 LTC between May 31 and June 16.

Despite the uncertain macroeconomic sentiment and regulatory concerns in the crypto industry, miners’ confidence remains strong.

Currently, miners control more than 2.5% of the total circulating supply of LTC. Their bullish stance could significantly influence Litecoin’s price outlook in the coming days.

Weighted Sentiment Hangs in The Balance

LTC had a positive start in June, but it experienced a retracement following the Securities and Exchange Commission’s (SEC) crackdown on Binance and Coinbase. However, the overall social sentiment around the Litecoin ecosystem has remained neutral this week.

The Weighted Sentiment metric evaluates the outlook of stakeholders by comparing the number of positive mentions to the negatives.

Currently, LTC’s Weighted Sentiment is around -0.45, indicating a neutral sentiment. This suggests that the industry-wide fears have not completely dominated the conversation about Litecoin this week.

This suggests that there is room for more price gains before the market reaches a state of euphoria.

LTC Price Prediction: A Rebound to $85 is Within Range

If the bullish miners can inspire other stakeholders to become confident, the LTC price may rebound towards $85. However, to gain control, LTC needs to surpass the initial resistance at $78.

According to IntoTheBlock‘s data, there are 18,300 investors who bought 3.3 million Litecoin at an average price of $68. Their selling pressure might cause a pullback.

If LTC successfully surpasses the resistance zone as predicted, it could reach the $85 price target.

However, if the bears take control and the LTC price unexpectedly drops below the critical $70 support zone, the positive outlook may be invalidated. It is worth noting that there are 55,000 investors who purchased 910,000 LTC at an average price of $70, which could prevent a significant drop.

In the worst-case scenario, if the support level at $70 cannot hold, LTC’s price could retrace towards $65.