Veteran trader Peter Brandt forecasts Litecoin’s recovery rally that could outshine the other top altcoins. With LTC up 82% in four weeks, Litecoin miner reserves will play a critical factor in the upcoming rally.
Peter Brandt, a veteran chart trader since 1975, has recently made massive predictions for Litecoin. With the ongoing rally extending for four weeks now, Litecoin LTC $93.74 24h volatility: 1.8% Market cap: $7.09 B Vol. 24h: $393.70 M has jumped 82% from the 30-day low of $64.42.
As the trading volume surpasses $3B, Peter’s prediction fuels the underlying optimism in Litecoin. With an optimistic target of $420, it reflects an impressive upside potential of 265%.
Litecoin Rally Extends in a Bullish Market
The crypto market is gaining momentum as the new bull cycle results in a heated altcoin season. Among the top performers, the Ripple-backed XRP has crossed the $2 mark and became the third biggest crypto, based on market cap.
Supporting the bullish target, the changing regulatory landscape in the United States will drive the rally. The bull market is predicted to prolong with Gary Gensler resigning as the US SEC chair and the US federal reserves reflecting intent for Bitcoin reserves.
Further, in the pro-crypto Trump administration, the chances of Litecoin ETF approval have significantly increased. Such massive changes in the growing crypto domain have directly impacted the prices of top altcoins, such as Litecoin.
Recently, in hopes of jumping on the meme coin rally, Litecoin attempted to rebrand itself as a meme coin in an X post.
Peter Brandt Expects the Fresh Rally in LTC Prices
Similar to the XRP rally, Peter Brant shares a Litecoin price chart over X, predicting a parabolic rise like XRP. The chart expert highlights the million-dollar question: “Can LTC pull another XRP????”
Based on Peter’s chart, the LTC price rally has surpassed the $114.98 peak, marking a change of character in the price trend. This has increased the chances of a prolonged rally to hit the ATH of $420.
Litecoin Market Performance
The liquidation data support the bullish outlook, as the short sellers lost $5.52 million over the past 24 hours and remain the majority of the $8.93 million of daily liquidation.
Declining Miner Reserves to Increase the Demand
Amid the bullish price predictions, the Litecoin miner’s reserves have been in free fall for over a year. Compared to the 4.44M LTC peak in April 2023, the reserves are down to 1.22M LTC.
The massive decline in the supply pressure shows limited bearish pressure to resist a bull run. Thus, the underwhelming resistance could fuel the highly anticipated parabolic rise in Litecoin. Hence, Peter’s prediction aligns with the on-chain signals and will likely fuel the Litecoin sentiments.