Main navigation

LTC Demonstrates “Popcorn Rally”, Legendary Trader Peter Brandt Says

Advertisement
Tue, 14/09/2021 - 7:58
LTC Demonstrates “Popcorn Rally”, Legendary Trader Peter Brandt Says
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Advertisement

On Monday, Sept. 13, a Walmart press release shared by the official Litecoin account on Twitter stated that the retail giant and the Litecoin Foundation were entering a partnership. The news was reported by multiple mainstream news media outlets, including Reuters.

Peter Brandt comments on the frantic LTC rise and fall

The news pushed the 16th ranked Litecoin, often referred to as "digital silver," to print a massive green candle, showing an over 36% rise. The coin soared from $174 to $237 in less than an hour.

The press release then proved to be a hoax and the coin demonstrated a similarly impressive crash back to the $174 level.

Savvy commodity trader Peter Brandt, who has been in trading since the late 70s, has called this sharp increase and the decline that followed a "popcorn rally," comparing LTC to a kernel of popcorn that pops to hit the lid of the saucepan and then drops back to the bottom.

Advertisement

Related

Peter Brandt explains the current Bitcoin situation

On Monday, Peter Brandt stated that, at the moment, the flagship cryptocurrency, Bitcoin, is in a broad congestion zone and not in the bull rally that started in February, as many Bitcoiners are likely to think.

The congestion is happening in the range of the highs Bitcoin managed to reach in February; back then, BTC was trading in a range between the $36,000 level and the $54,000 zone.

On Feb. 21, digital gold soared to a high of $57,719. This was followed by a decline to $43,694 a week later.

At press time, Bitcoin is sitting at $45,690, as per data provided by CoinMarketCap.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD