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Veteran cryptocurrency trader Peter Brandt reported that Bitcoin (BTC) is forming a “three blind mice” pattern without confirming whether this is the case Bullish or bearish For main encryption. His statement has the cryptocurrency community searching for answers about what this pattern might mean for BTC.
Veteran Crypto Trader Says Bitcoin Has Formed ‘Three Blind Mice Pattern’
Peter Brandt It was mentioned in X’s post that Bitcoin had formed the infamous “three blind mice and a piece of cheese” trading pattern. However, the veteran trader did provide further insights into what he means by this pattern. The accompanying chart suggests that this could be bearish for BTC, as the recent candlesticks that formed on the chart indicated a downtrend.
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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. In fact, this appears to be Bitcoin’s current price action given the cryptocurrency’s bounce since it surged above $65,000 last week.
Bitcoin has soared above $65,000 as it heads towards its best September monthly close since 2013. However, since the beginning of October, the major cryptocurrency has seen a significant price correction, suggesting that it may once again be in bearish territory. BTC has not lost yet Her critical support was $60,000Which provided some relief to the bulls.
Bitcoin’s price correction is primarily due to rising tensions in the Middle East, with the escalating conflict between Israel and Iran. The major cryptocurrency subsequently retested the $60,000 support level Iranian missile strike on Israel.
Meanwhile, Peter Brandt’s previous X post suggests that the veteran trader is currently bearish on Bitcoin’s trajectory. He stated that BTC’s recent rally did not disturb a “7-month sequence of lower highs and lower lows.” He added that it only closed above $71,000, which was confirmed by Jadid All time high (ATH)will indicate that the trend from the November 22 low is still valid.
Bitcoin may fall as low as $52,000
Cryptocurrency analyst Ali Martinez He also predicted that Bitcoin could fall to a low of $52,000. He stated that this would happen if the ruling pattern behind the recent price action was a descending parallel channel. Analyst Justin Bennett She also provided a bearish outlook for BTC, noting that a justification could be made for the flagship cryptocurrency to fall to $51,000.
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However, he added that he is not sure about a drop to $51,000 at the moment. What is more certain than him is Bitcoin falls to $57,000After reaching his first goal of $60,000. He also warned Bitcoin investors against any comfortable rally the major cryptocurrency might enjoy, while stating that failure at $64,700 had opened the doors. Liquidity on the sell side.
At the time of writing, Bitcoin is trading at around $61,000, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com