This article is available in Spanish.
Veteran crypto trader Peter Brandt has stated that Bitcoin (BTC) is forming a ‘three blind mice’ pattern, without confirming whether this is so bullish or bearish for the flagship crypto. His statement has left the crypto community searching for answers as to what this pattern could mean for BTC.
Veteran Crypto Trader Says Bitcoin Has Formed a ‘Three Blind Mouse Pattern’
Peter Brandt stated in an X-post that Bitcoin had formed the infamous “Three Blind Mice and a Piece of Cheese” trading pattern. However, the experienced trader did not provide more insight into what he meant by this pattern. Its accompanying chart suggested that this could be bearish for BTC, as the last candlesticks to form on the chart indicated a downtrend.
Related reading
The ‘Three Blind Mice’ pattern is said to appear after an uptrend in the market, indicating a bearish reversal. This means that the bears now have the upper hand in the market and Bitcoin is likely to suffer more downward pressure. Indeed, this appears to be Bitcoin’s current price action, given the crypto’s retracement since it climbed above $65,000 last week.
Bitcoin rose above $65,000 as it headed for its best monthly close since 2013 in September. However, since the start of October, the flagship crypto has witnessed a significant price correction, suggesting it may be back in bearish territory. BTC has not lost yet its critical support at $60,000which has provided some solace for the Bulls.
Bitcoin’s price correction is mainly due to rising tensions in the Middle East, with the escalation of the conflict between Israel and Iran. The flagship crypto retested the $60,000 support level after this Iranian missile attack on Israel.
Meanwhile, Peter Brandt’s earlier X-post suggests that the veteran trader is currently bearish on Bitcoin’s trajectory. He stated that the recent BTC rally did not disrupt the “seven-month sequence of lower highs and lower lows.” He added that only one close was above $71,000, confirmed by a new one all-time high (ATH)will indicate that the trend from the November 22 low remains in place.
Bitcoin could fall to $52,000
Crypto analyst Ali Martinez has also predicted that Bitcoin could fall to $52,000. He stated that this would happen if the governance pattern behind the recent price action was a descending parallel channel. Analyst Justin Bennett also provided a bearish outlook for BTC, stating that a case can be made for the flagship crypto falling to $51,000.
Related reading
However, he added that he is not sure about the drop to $51,000 at this point. What he is more certain of is Bitcoin drops to $57,000after reaching his first goal of $60,000. He also warned Bitcoin investors against any relief rally the flagship crypto might enjoy while stating that the $64,700 bust has opened up. liquidity on the sell side.
At the time of writing, Bitcoin is trading around $61,000, down in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
