Peter Brandt: Bitcoin is forming a downward price pattern

Famous trader Peter Brandt said that Bitcoin BTC $74,800.63 Bitcoin 1.61% Market capitalization $1.48 trillion VOL. 24 hours $4.04 billion is forming a trading pattern called the Three Blind Mice, which may indicate a potential decline in the value of the cryptocurrency in the coming days. In his post on the X platform on October 2, Brandt warned his 740,000 followers that this pattern is a signal for the trend to continue.

According to the technical analysis of the Morpher platform, the Three Blind Mice pattern indicates the possibility of a continuation of the current market direction. Brandt also noted that Bitcoin’s latest rally did not break the seven-month sequence of lower highs and lows, which means the downtrend will continue.

Bitcoin’s price has fallen by 7.1% over the past three days, offsetting 12 days of the previous uptrend. The reason for this was geopolitical tensions in the Middle East and concerns about the economic stability of the United States.

Brandt emphasized that to confirm the trend change, the flagship crypto asset needs to close above $ 71,000 and set a new all-time high.

As a reminder, on the night of October 2, 2024, the cryptocurrency market experienced a significant drawdown. Thus, bitcoin temporarily dropped to $ 60,164, and Ethereum ETH $2,819.51 Bridged Ether (StarkGate) 7.50% Market capitalization $0.23 billion VOL. 24 hours $2.08 billion reached $ 2,414. After that, both cryptocurrencies partially recovered their positions