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bitcoin-bull-flag-pattern/” rel=”nofollow”>Veteran cryptocurrency trader Peter Brandt has stated that bitcoin (btc) is forming a 'three blind mice' pattern without confirming whether this is bitcoin-continue-to-rise-2024/” rel=”nofollow”>bullish or bearish for the flagship cryptocurrency. His statement had the crypto community searching for answers on what this pattern could mean for btc.
Veteran crypto Trader Says bitcoin Has Formed a “Three Blind Mice Pattern”
bitcoin-buy-signal/” rel=”nofollow”>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 veteran trader did not provide any further information on what he meant by this pattern. The accompanying chart suggests that this could be bearish for btc, as the last few candles that formed on the chart were hinting at a bearish trend.
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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. bitcoin-price-tragic-june/” rel=”nofollow”>more downward pressure. In fact, this appears to be bitcoin's current price action considering the cryptocurrency's pullback since rising above $65,000 last week.
bitcoin rose above $65,000 as it headed for its best September monthly close since 2013. However, since October began, the flagship cryptocurrency has witnessed a major price correction, suggesting it could be back on track. in bearish territory. btc has not lost yet bitcoin-price-continues-recovery-breaks-above-60000/” rel=”nofollow”>its critical support at $60,000which has provided some comfort to the Bulls.
The bitcoin price correction has been mainly due to rising tensions in the Middle East, with the escalation of the conflict between Israel and Iran. The flagship cryptocurrency retested the $60,000 support level after crypto-market/” rel=”nofollow”>Iran's missile attack on Israel.
Meanwhile, Peter Brandt's previous post on x suggests that the veteran trader is currently bearish on bitcoin's trajectory. He stated that btc's recent rally did not disrupt the “7-month sequence of lower highs and lower lows.” He added that only a close above $71,000, confirmed by a new bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>all-time high (ATH)will indicate that the trend since the November 22 minimum remains in force.
bitcoin could fall to as low as $52,000
Cryptographic analyst Ali Martínez He has also predicted that bitcoin could fall as low as $52,000. He stated that this would happen if the pattern governing the recent price action was a descending parallel channel. bitcoin-4-year-cycles-are-over/” rel=”nofollow”>Analyst Justin Bennett also provided a bearish outlook for btc, indicating that the flagship cryptocurrency can be argued to fall to $51,000.
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However, he added that he is unsure about the drop to $51,000 at this time. What he is most sure of is bitcoin-recovers-back-to-57000-heres-behind-this/” rel=”nofollow”>bitcoin falls to $57,000having reached his first goal of $60,000. He also warned bitcoin investors about any relief rally the flagship cryptocurrency could enjoy, while stating that the bust at $64,700 has opened. ethereum-sell-side-liquidity-thinning-on-cexes/” rel=”nofollow”>sell-side liquidity.
At the time of writing, bitcoin is trading at around $61,000, down in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
