Veteran cryptocurrency trader Peter Brandt stated that Bitcoin (BTC) is forming a “three blind mice” pattern, without confirming whether this is the case bullish or bearish for the flagship cryptocurrency. His statement sent the crypto community scrambling for answers as to what this pattern could mean for BTC.

Veteran cryptocurrency trader claims Bitcoin has formed a ‘three blind mouse pattern’

Piotr Brandt stated in X’s post that Bitcoin has created the infamous “Three Blind Mice and a Piece of Cheese” trading pattern. However, the experienced trader did not provide more information on what he meant by this pattern. The accompanying chart suggested that this could have an adverse impact on BTC as the recent candlesticks that formed on the chart indicated a downtrend.

The “Three Blind Mice” pattern is said to appear after an uptrend in the market, indicating a bear reversal. This means that the bears now have the upper hand in the market and Bitcoin will likely suffer more downward pressure. Indeed, this looks like Bitcoin’s current price action given the cryptocurrency’s retracement as it surged above $65,000 last week.

Bitcoin has surged above $65,000, heading towards its best monthly September close since 2013. However, since early October, the flagship cryptocurrency has witnessed a significant price correction, suggesting it may be heading back into bear territory. BTC hasn’t lost yet its critical support at $60,000which provided the Bulls with some consolation.

The Bitcoin price correction is primarily due to rising tensions in the Middle East, along with the escalating conflict between Israel and Iran. The flagship cryptocurrency has retested the $60,000 support level Iran missile attack on Israel.

Meanwhile, an earlier post by Peter Brandt on X suggests that the seasoned trader is currently bearish on Bitcoin’s trajectory. He stated that BTC’s recent rally has not disrupted the “7-month sequence of lower highs and lower lows.” He added that only closing above 71,000 dollars was confirmed with a modern one highest level ever (ATH)will indicate that the trend from the minimum on November 22 remains in force.

Bitcoin could fall as low as $52,000

Crypto analyst Ali Martinez he also predicted that Bitcoin could fall as low as $52,000. He stated that this will happen if the dominant pattern in recent price action is a descending parallel channel. Analyst Justin Bennett he also presented a bearish outlook for BTC, stating that a fall to $51,000 could be made for the flagship cryptocurrency.

However, he added that he is currently unsure about the drop to $51,000. He is more certain of one thing Bitcoin falls to $57,000reaching its first goal of $60,000. He also warned Bitcoin investors against any support rally the flagship cryptocurrency may enjoy, while stating that a setback at $64,700 has opened liquidity of the selling side.

Bitcoin is currently trading at around $61,000 as of this writing, down over the past 24 hours. data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com