Expectations about Litecoin have increased in the past days, and Bitcoin bull Peter Brandt has recently joined this hype. Veteran trader Peter Brandt is a well-known figure in the crypto world for being a long-term Bitcoin (BTC) bull, but Brandt also currently believes that Litecoin (LTC) will soon outperform even the leading crypto.
The trader told his 580,000 Twitter followers that he is now ready for a massive rally after Litecoin broke the $239.12 resistance at its September peak.
“Litecoin has risen above its September peak in expanding volume and WBBs, so we expect it to be retested at $395, 2021 high.”
Brandt, who does not define the term “WBBs”, may be referring to wide body bars as the candles’ body widens, or weekly Bollinger bands, a common trading indicator currently showing expansion for LTC. Regardless, both indicators point to a bullish outlook for the crypto asset.
From a low of $193 earlier this week, LTC is up 30% and is currently trading at $261.36.
Alongside Litecoin’s short-term price action, Brandt still points to Bitcoin as a long-term safe-haven against inflation.
“There is one thing I am absolutely sure about in the markets: the falling value of the US dollar.
A dollar when I was born is worth 8 cents today.
$1 today will probably be worthless when my grandchildren are my age.
BTC.”
The trader did not forget about the skeptics and said that he has quite a lot of experience in shorting various cryptocurrencies, but has been longing in Bitcoin since April 2019.
“Note to my trolls (assuming you can read).
Let me write this very slowly so you can understand – I have only shorted cryptocurrencies once in my life (November 14, 2018).
I have been long on BTC since the beginning of April 2019. I want the Bitcoin price to go UP (spelled UP).”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.