Is Litecoin Price Poised For 700% Rally? Legendary Trader Peter Brandt Says This
Litecoin experiencing a FOMO rally amid a recovery in the broader crypto market. The rally started with BlackRock iShares Spot Bitcoin ETF filing and launch of crypto exchange EDX Markets backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities. However, the breakout came on Friday as LTC price soared 30%, surpassing the $100 level.
Will Litecoin Creator Charlie Lee’s Prediction Of 700% Rally To Come Out True?
Litecoin creator Charlie Lee predicted LTC to outperform Bitcoin after the Litecoin halving event in August. He predicted at least a 10% rally in LTC price against BTC, with LTC/BTC price at 0.025. Currently, LTC/BTC price is trading at 0.003, way below the targeted price.
The Litecoin halving is expected to happen on August 2 at 20:34:57 UTC. Currently, LTC block reward is 12.5 coins per block and will decrease to 6.25 coins per block post-halving.
LTC price has increased more than 50% in June, from a low of $72 to a high of $110.80. On June 30, price jumped 30% due to a rise in network activity and hash rate hits a new high. EDX Markets supporting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash trading and the US SEC not considering Litecoin as a security also helped bring rally in LTC price.
IntoTheBlock reported that the Litecoin network processed over half a million daily transactions for the first time this quarter on Friday. In fact, Litecoin had almost the same number of transactions as the number of daily Bitcoin transactions for the entire month of May.
Whales also continue to accumulate LTC as the halving event approaches. Whale Alert recorded many transactions of whales buying LTC worth million from Binance.
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Experts’ View on LTC Price
Legendary trader Peter Brandt noted LTC price breaking a yearly high above $110, turning resistance into strong support. Along with price action, indicators also point to a massive rally in LTC price.
Major breakout $LTC pic.twitter.com/YDvuopLUhN
— Peter Brandt (@PeterLBrandt) July 1, 2023
Meanwhile, “The Wolf Of All Streets” Scott Melker said SEC Chair Gary Gensler earlier said BTC, ETH, LTC, and BCH are commodities. He urges the US crypto industry to fight back or else “Americans will be left with only BTC, ETH, LTC, and BCH to trade and on exchanges solely run by Wall Street.”
LTC price is currently trading at $109.15, up 15% in the last 24 hours. The 24-hour low and high are $91.73 and $110.80, respectively. Furthermore, the trading volume has jumped over 200% in the last 24 hours.
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