The legendary trader who accurately predicted the Bitcoin crash in January 2018 says BTC looks poised for another selling event.
Veteran analyst Peter Brandt has told his 689,700 Twitter followers that Bitcoin is flashing a candlestick formation, signaling another move towards a royal cryptocurrency downtrend.
“Please note that Bitcoin BTC is developing the infamous ‘three blind rats’ chart structure. ”
The three-blind mouse pattern is not a traditional technical formation, but Blunt previously noted that in April 2020, Bitcoin formed six consecutive bullish weekly candlesticks and BTC rose from around $5,000 to over $60,000 a year later. I mentioned a similar structure when ascending to the level of This pattern seems to suggest a continuation of the underlying trend.
“Come on, amateurs, you could do better than this. get it.
In a recent interview, Brandt stressed that Bitcoin’s trend is still in a downtrend, and unless Bitcoin crosses the critical psychological level of $20,000, the trend is likely to continue.
“Certainly, unless Bitcoin stabilizes above $20,000 again … I don’t think it will hit $11,000 or $12,000. $13,000 is probably more realistic. I think the level…
As far as I’m concerned, I don’t see any reason Bitcoin can’t go down to $13,000 until it actually regains $22,000 and can hold onto it. ”
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Featured Image: Shutterstock/Orla/Konstantin Faraktinov
