Peter Brandt Predicts Litecoin Rally to Reach $420 All-Time High
Peter Brandt, a veteran chart trader since 1975, has made significant predictions for Litecoin. The ongoing rally has lasted four weeks, with Litecoin #LTC rising 82% from a 30-day low of $64.42.
With trading volume exceeding $3B, Brandt's prediction of a target price of $420 indicates an upside potential of 265%.
Litecoin Rally Extends in a Bullish Market
The crypto market is gaining momentum as a new bull cycle initiates an active altcoin season. XRP, backed by Ripple, has surpassed the $2 mark, becoming the third largest cryptocurrency by market cap.
Changes in the regulatory landscape in the United States are expected to support the bullish trend. The resignation of Gary Gensler as chair of the US SEC and intentions from the US Federal Reserve regarding Bitcoin reserves may prolong the bull market. The pro-crypto Trump administration also increases the likelihood of Litecoin ETF approval, positively impacting Litecoin's price.
Recently, Litecoin rebranded itself as a meme coin in an X post to capitalize on the meme coin rally.
Peter Brandt Expects Fresh Rally in LTC Prices
Brandt shares a price chart over X, predicting a parabolic rise for Litecoin similar to XRP. He poses the question: “Can LTC pull another XRP?”
Litecoin price chart
According to Brandt's chart, the LTC price rally has exceeded the previous peak of $114.98, indicating a shift in price trends and increasing the likelihood of reaching an all-time high of $420.
Litecoin Market Performance
Declining Miner Reserves to Increase Demand
Despite bullish predictions, Litecoin miners' reserves have decreased significantly over the past year, dropping from 4.44M LTC in April 2023 to 1.22M LTC now.
This decline in supply pressure suggests limited resistance against a potential bull run, likely leading to the anticipated parabolic rise in Litecoin prices. Brandt’s prediction aligns with on-chain signals, supporting positive sentiment around Litecoin.