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 Veteran trader Peter Brandt has raised concerns that Bitcoin might be developing a “three blind mice” pattern, suggesting a potential price decline in the near future.
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In an October 2 <a style="color: #0000ff;" href="https://twitter.com/PeterLBrandt/status/1841571128877449358?t=ntFV-8Lh0vuRFHhzfj1sNw&amp;s=19" rel="noopener noreferrer nofollow">post</a> on X, Brandt shared with his 740,000 followers that Bitcoin appears to be forming what he refers to as the “infamous Three Blind Mice and a Piece of Cheese” trading pattern.
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Technical analysts from Morpher’s trading platform <a style="color: #0000ff;" href="https://www.morpher.com/blog/three-blind-mice-chart-pattern#:~:text=The%20Three%20Blind%20Mice%20pattern%20is%20a%20chart%20formation%20that,before%20a%20significant%20price%20movement." rel="noopener noreferrer nofollow">suggest</a> the “three blind mice” pattern is generally considered a continuation pattern. This implies that the future price movement is likely to follow the same direction indicated by the “three blind mice.”
Brandt<a style="color: #0000ff;" href="https://twitter.com/PeterLBrandt/status/1841270939901911145?t=-BzRtVguYxXNGZgA1lP64Q&amp;s=19" rel="noopener noreferrer nofollow"> warned</a> traders that Bitcoin’s latest rally failed to break the 7-month pattern of lower highs and lower lows, signalling that the cryptocurrency remains in a persistent downtrend. He noted that only a close above $71,000, accompanied by a new all-time high (ATH), would confirm that the upward trend from the November 2022 low is still intact.
Some traders have<a style="color: #0000ff;" href="https://twitter.com/aDiegoRamirez/status/1603784491084009477?t=AgoxwDAdaPjBXJ2JcN7MWQ&amp;s=19" rel="noopener noreferrer nofollow"> speculated</a> that Brandt’s “three blind mice” pattern is a playful twist on the well-known “<a style="color: #0000ff;" href="https://www.investopedia.com/terms/t/three_black_crows.asp" rel="noopener noreferrer nofollow">three black crows” pattern</a>, which typically signals the reversal of an uptrend. The famous <a style="color: #0000ff;" href="https://youtu.be/lgf5iTWf-yQ?feature=shared" rel="noopener noreferrer nofollow">nursery rhyme</a> might also inspire the name<a href="https://youtu.be/lgf5iTWf-yQ?feature=shared" rel="noopener noreferrer nofollow">,</a> which features the repeated lines “three blind mice” and “see how they run.”
This isn’t the first time Brandt has referenced the “three blind mice” pattern. In a December 17, 2022, post on X, he<a style="color: #0000ff;" href="https://twitter.com/PeterLBrandt/status/1603774291421433856?t=qe8KJrwE97TPrYl-zzueqw&amp;s=19" rel="noopener noreferrer nofollow"> highlighted</a> the same pattern when Bitcoin traded at around $17,000.&nbsp;
Brandt, who has been actively analysing Bitcoin’s market movements, also weighed in on the cryptocurrency’s prospects. While many analysts and enthusiasts predict an imminent bullish run despite recent price setbacks, he maintains a cautiously optimistic outlook about the cryptocurrency’s long-term trajectory. 
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 “I’ve shared this chart many times before in slightly different versions, and it continues to be my favoured interpretation,” 
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he noted.
On May 16, Bitcoin <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/how-soon-can-bitcoin-hit-74000-the-next-seven-days/" rel="noopener noreferrer nofollow">stabilised</a> around $66,000, marking a 7.5% gain from the previous day and raising investor hopes for further upward momentum. Though market sentiment remains divided, with some experts urging caution, market analytics firm QCP Capital forecasted that Bitcoin could rebound to as high as $74,000.&nbsp;
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Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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The post <a href="https://defi-planet.com/2024/10/peter-brandt-warns-of-potential-bitcoin-decline-citing-three-blind-mice-pattern/" rel="noopener noreferrer nofollow">Peter Brandt Warns of Potential Bitcoin Decline, Citing “Three Blind Mice” Pattern</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Peter Brandt Warns of Potential Bitcoin Decline, Citing “Three Blind Mice” Pattern

DeFi Planet

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