LTC Demonstrates “Popcorn Rally”, Legendary Trader Peter Brandt Says
On Monday, September 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, including Reuters.
Peter Brandt comments on the frantic LTC rise and fall
The news pushed the 16-ranked Litecoin, often referred to as “digital silver” print a massive green candle, showing an over 36-percent 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 similarly impressive crash back to the $174 level.
Savvy commodity trader Peter Brandt, who has been in trading since late 70s, has called this sharp increase and the decline that followed a “popcorn rally”, comparing LTC to the kernel of popcorn that popped to hit the lid of the saucepan and then dropped back to the bottom.
This is called a popcorn rally. Think about it— the kernel of popcorn pops, hits the top of the lid, and drops back down into the pan. $LTCUSD pic.twitter.com/R7bE9eWGwA— Peter Brandt (@PeterLBrandt) September 13, 2021
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 a bull rally 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 the range between the $36,000 level and $54,000 zone.
On February 21, digital gold soared to a high of $57,719. This was followed by a decline to $43,694 a week later.
At the time of writing this, Bitcoin is sitting at $45,690, as per the data provided by CoinMarketCap.Source