Analyst Who Accurately Called a Massive Bitcoin Crash Issues Major Update for Crypto Traders
The legendary trader who accurately predicted Bitcoin’s January 2018 crash says BTC seems poised for another selloff event.
Veteran analyst Peter Brandt tells his 689,700 Twitter followers that Bitcoin is flashing a candlestick formation, suggesting renewed downside for the cryptocurrency king.
“Everyone please note that Bitcoin BTC is developing the infamous ‘three blind mice’ chart construction.”
Source: Peter Brandt/Twitter
Although the three blind mice pattern is not a traditional technical formation, Brandt has previously mentioned a similar construction in April 2020 when Bitcoin formed six consecutive bullish weekly candles that saw BTC surge from around $5,000 to over $60,000 a year later. The pattern appears to indicate continuation of the underlying trend.
“Come on you amateurs, you can do better than that. You’re missing the forest for the trees. This is a 28-month coil whose price action was most recently the famous “six blind mouse signal”. Deal with it.”
In a recent interview, Brandt emphasizes that the trend for Bitcoin is still down and is likely to continue unless BTC can recover above the key psychological $20,000 level.
“I certainly think that if bitcoin can’t really get up and consolidate back above $20k, we could see further downside… I don’t think we’re going to go to $11k or $12k. I think $13,000 is probably a more realistic level…
As far as I’m concerned, I see no reason why bitcoin can’t fall back down to that $13,000 until bitcoin can truly recover and hold $22,000.”
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