Bitcoin Faces Potential Decline as Peter Brandt Identifies Three Blind Mice Pattern
- Ptr Brndt highlights brish Thr Blind Mic pttrn, suggsting Bitcoins downwrd prssur my continu.
- Brndt mphsizs tht Bitcoin must clos bov $71,000 to confirm potntil trnd rvrsl.
- Rcnt gopoliticl tnsions contributing to Bitcoins dclin, prompting invstor rvlution of positions.
Vtrn trdr Ptr Brndt hs dmpnd rcnt Bitcoin optimism by idntifying potntilly brish trding pttrn forming on th cryptocurrncys chrts. In post dtd Octobr 3rd, dirctd to his 740,000 followrs, Brndt pointd to th mrgnc of th infmous Thr Blind Mic nd Pic of Chs pttrn.
According to tchnicl nlysis rsourcs such s Morphr, th thr blind mic pttrn is typiclly clssifid s continution formtion. This implis tht th prviling pric dirction ligns with th dirction th mic r hdd in th chrt formtion. Consquntly, it my continu to xprinc downwrd prssur unlss significnt chngs occur.
Brndts prvious xprincs with this pttrn dd wight to his currnt ssssmnt. On Dcmbr 17th, 2022, h flggd th thr blind mic pttrn whn Bitcoin trdd round $17,000. Following this lrt, th cryptocurrncy ntrd prolongd slump bfor xprincing notbl upwrd brkout in Jnury 2023.
In sprt post dtd Octobr 2nd, Brndt cutiond trdrs tht Bitcoins upwrd movmnt hs not disturbd th 7-month squnc of lowr highs nd lowr lows. This ssssmnt rinforcs his prspctiv tht Bitcoin rmins trppd in downtrnd.
Brndt sttd tht if Bitcoin closs bov $71,000 nd rchs nw ll-tim high, it would indict th continution of th upwrd trnd tht mrgd from th Novmbr 2022 low.
Diverging Views on Bitcoins Future
Some market participants interpret Brandts three blind mice reference as a more lighthearted take on the traditional three black crows pattern, which signals a potential reversal of an uptrend. The name likely originates from the famous nursery rhyme featuring the repetitive line three blind mice, see how they run.
Yet, not all voices are pessimistic. Trader Yoddah suggests that Bitcoin might be consolidating near its monthly support level around $60,000. Some bears believe this could signify the end of the bull run. Another Crypto trader, Kaleo, urges investors to remain steadfast. He emphasizes the importance of weathering the current storm and staying focused on the potential for an eventual upward trajectory.
At the time of writing, Bitcoin is trading at $60,501, and has experienced a significant decline of 7.1% in the last three days, erasing nearly two weeks of gains. This sharp downturn has prompted many investors to reevaluate their positions. The price plunge coincides with escalating geopolitical tensions in the Middle East, further amplified by anxieties surrounding the US economys strength and the upcoming election.
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Text source: TronWeekly
