The legendary trader who accurately predicted Bitcoin’s January 2018 crash says BTC looks poised for another selling event.
Veteran analyst Peter Brandt tells his 689,700 Twitter followers that Bitcoin is flashing a candlestick formation that indicates another move to the downside for the king cryptocurrency.
“Everyone please note that Bitcoin BTC is developing the infamous ‘three blind mice’ chart construction.”
Although the three blind mice pattern is not a conventional technical formation, Brandt previously mentioned a similar construction in April 2020 when Bitcoin formed six consecutive bullish weekly candles that saw BTC rally from around $5,000 to above the $60,000 level a year later. The pattern seems to suggest the continuation of the underlying trend.
“Come on you amateurs, you can do better than this. You’re missing the forest from the trees. This is a 28-month coil with price action last as the famous “six-blind-mouse signal.” Bring it on.”
In a recent interview, Brandt emphasizes that the trend for Bitcoin remains down and is likely to continue unless BTC can rally above the key psychological level of $20,000.
“I certainly think that unless Bitcoin can really come up and consolidate above $20,000 again, that we could see another leg down … I don’t think we’ll go to $11,000 or $12,000. I think $13,000 probably is a more realistic level…
As far as I’m concerned, until Bitcoin can really regain $22,000 and hold it, I see no reason why Bitcoin can’t slide back to $13,000.”
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Featured image: Shutterstock/Orla/Konstantin Faraktinov