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The legendary trader who accurately predicted the Bitcoin crash in January 2018 says BTC is poised for another sell-off event.

Seasoned analyst Peter Brandt tells his 689,700 Twitter followers that Bitcoin’s candlestick formation indicates a new bearish move for the cryptocurrency royal.

“Please be aware that Bitcoin BTC is developing the infamous ‘three blind mice’ table construction.”

Source: Peter Brandt/Twitter

While the three blind mice pattern is not a common technical formation, Brandt previously noted a similar construction in April 2020, when Bitcoin formed six consecutive bullish weekly candles that saw BTC rise from around $5,000 to $60,000 a year later. The pattern seems to suggest a continuation of the underlying trend.

“Come on amateurs, you can do better than this. You miss the forest for the trees. This is a 28-month coil whose price action is the famous “six blind mice signal” of late. Get with it.”

Image:
Source: Peter Brandt/Twitter

In a recent interview, Brandt emphasized that Bitcoin’s trend is still bearish and will likely continue until BTC can break above the key psychological level of $20,000.

“I certainly think that if Bitcoin can’t really go up and re-consolidate above $20,000, we could see another drop… I don’t think we’ll go to $11,000 or $12,000. I think $13,000 is probably a more realistic level…

As far as I’m concerned, unless Bitcoin can really recover to $22,000 and hold it, I don’t see any reason why Bitcoin can’t go back down to that $13,000.”

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Disclaimer. The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Orla/Konstantin Faraktin



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