Crypto analysts are optimistic about a potential altseason kicking off in the next 8-10 days. In late 2021, when Bitcoin’s dominance dipped, altcoins skyrocketed by over 140%.
With Bitcoin now eyeing the $100,000 level, experts believe we might be on the brink of something similar. And Litecoin is usually the first mover.
Peter Brandt thinks LTC will skyrocket
Veteran trader Peter Brandt has thrown his hat in the ring, suggesting that Litecoin could follow in XRP’s footsteps and hit $420.
He shared a chart on social media comparing the two coins, and ngl, this sounds pretty promising.
LTC already jumped over 21% in just one day and is currently trading above $120 in the time of writing.
Its trading volume reached $2.58 billion, signaling quite strong investor interest. Analysts are optimistic that Litecoin could mirror XRP’s rally.
Alt season when?
The Altcoin Season Index now sits at 59, meaning Bitcoin is still leading the charge, but alts like Litecoin are starting to gain traction.
The bullish sentiment has been fueled by renewed interest from major players in the crypto market, thanks in part to Donald Trump’s election victory and the resignation of U.S. SEC Chair Gary Gensler.
These developments are raising hopes for more favorable regulations for cryptocurrencies and the crypto industry.
Plus, there’s chatter about a possible Litecoin ETF approval in the U.S., which could further boost demand for the asset.
Social media hype
Crypto influencers like Tony Severino and Crypto Snorlax are all aboard the Litecoin hype train, believing it’s primed for a parabolic rally.
Severino has pointed out that Litecoin is showing bullish indicators by breaking through key resistance levels.
He likened Litecoin’s chart to XRP’s price action, suggesting that LTC could soon experience a similar jump.
He even speculates that it could reach its all-time high of $412 or possibly even higher!
Crypto Snorlax highlighted the strong correlation between established altcoins like Litecoin and XRP, and noted that Litecoin just broke above an 18-month resistance level, which was seen as a promising sign for further gains, potentially pushing it up to $450.
