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.”
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.”
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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