Trading veteran Peter Brandt is a long-term Bitcoin (BTC) bull, but he’s expecting Litecoin (LTC) to outperform the leading crypto soon.
The trader tells his 580,000 Twitter followers that Litecoin is poised for a massive run after breaking through resistance from its September peak of $239.12.
“Litecoin has broken above September high on expanding volume and WBBs so expect retest of 2021 high at $395 or so.”
Brandt did not define the term “WBBs.” He could be referring to wide-bodied bars, as in the body of the candles getting wider, or the 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 this week, LTC has shot up 47% and is currently trading at $283.94.
Aside from Litecoin’s short-term price action, Brandt is keeping an eye on Bitcoin for the long term as a safe haven against inflation.
“There is one thing in the markets I am absolutely sure of – the declining value of the US dollar.
$1 when I was born is worth 8 cents today.
$1 today will likely be worthless when my grandkids are my age.
The trader tells skeptics that he has plenty of experience shorting various cryptocurrencies, but has remained long on Bitcoin since April of 2019.
“Note to my trolls (assuming you can read).
Let me type this really slow so that you might understand – I have only shorted cryptos once in my life (Nov 14, 2018).
I have been continually long BTC since early Apr 2019. I want Bitcoin price to go UP (spelled U P).”