In contrast to 2022, today's market downturn isn't causing as much concern. There aren't any extreme predictions suggesting Bitcoin will crash to zero. Bitcoin is hovering near its peak from 2021, while altcoins have bounced back significantly from previous lows. However, one well-known altcoin might face further losses, albeit temporarily.

Litecoin (LTC) is currently trading below the crucial support level of $80, sitting at $78.6 at present. Losing this support level by 2% daily is concerning. On the four-hour chart, marked support and resistance levels indicate potential areas for testing if volatility increases. If negativity persists, LTC's price could dip initially to $75, triggering significant liquidations and potentially more losses for bullish investors.

Should LTC continue to close below the Ichimoku Cloud, the chances of a correction below $75 would rise. Increasing short-term wallet volumes suggest more investors are seeking to avoid declines and capitalize on temporary upticks.

Recent data shows significant selling by addresses holding LTC for 1 to 3 months, indicating late-joining investors expecting a 2024 surge. Three months ago, the cryptocurrency outlook was rosier, with expectations of altcoin rallies fueled by an approved ETH ETF and anticipated ETF inflows. However, worsening inflation data and other factors have led to impatient investors opting to sell and wait on the sidelines.

Looking ahead, if BTC doesn't firmly break away from the $61,000 support, we could witness further LTC selling with new support level tests. A daily close below $61,000 for BTC could easily drive LTC down to $75. In a bearish scenario, if Bitcoin drops to $59,000, LTC could slide to $70.

In conclusion, while the current market sentiment may seem bleak, it's not as dire as in previous years. However, caution is warranted, especially for investors in altcoins like Litecoin, which could face additional pressure if Bitcoin's price continues to falter.