Litecoin is experiencing a FOMO rally amid the recovery in the broader Bitcoin and altcoin market. The rally kicked off with the launch of the BlackRock iShares Spot Bitcoin ETF application and crypto exchange EDX Markets backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities. However, there was a breakout, especially on Friday, when the price of LTC rose 30 percent to break above the $100 level. So what’s next? Here are the predictions of popular analysts for Litecoin…
Litecoin creator calls altcoin “700 percent rally”
Litecoin creator Charlie Lee predicted that LTC would outperform Bitcoin after the Litecoin halving in August. He predicted a rally of at least 10 percent in LTC price against BTC when the LTC/BTC price was 0.025. Currently, LTC/BTC price is trading at 0.003 level, well below the target price. The Litecoin halving is expected to take place on the evening of August 2. Currently, the LTC block reward will drop to 12.5 coins per block and 6.25 coins per block after halving.
LTC price rose more than 50 percent from $72 to $110.80 in June. On June 30, the price rose 30 percent due to the surge in network activity and the hash rate hitting a new high. EDX Markets supporting Bitcoin, Ethereum, Litecoin, and Bitcoin Cash trading and the US SEC’s refusal to see Litecoin as a security also helped lift the LTC price. IntoTheBlock reported on Friday that the Litecoin network processed over half a million daily transactions for the first time this quarter. In fact, Litecoin had almost the same number of transactions as 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 where whales bought millions worth of LTC from Binance.
Peter Brandt explained: Resistance turned into support
cryptocoin.com Legendary trader Peter Brandt, who came to the fore with various Bitcoin statements, noted that the LTC price broke the one-year high above $110 and turned the resistance into a strong support. According to Brandt, who is famous for his accurate predictions in Bitcoin, indicators as well as price action point to a large rally in LTC price.
Meanwhile, “Wolf of All Streets” Scott Melker noted that SEC Chairman Gary Gensler has previously said that BTC, ETH, LTC, and BCH are commodities. The US is urging the crypto industry to fight. Otherwise, “only BTC, ETH, LTC and BCH will remain to trade with the Americans”. Moreover, according to Melker, these coins will only be traded on exchanges managed by Wall Street.
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