Peter Brandt warns of 'three blind mice' pattern in Bitcoin trading

Veteran trader Peter Brandt has highlighted that Bitcoin (CRYPTO:BTC) is forming a “three blind mice” pattern, signaling potential downward movement in the coming days.

In an October 2 post to X, Brandt explained to his 740,000 followers that Bitcoin appears to be aligning with this pattern, which suggests that the asset’s price could continue to slide lower.

The “three blind mice” is interpreted as a continuation pattern, meaning that the current trend is likely to persist.

Brandt’s observations draw attention to Bitcoin’s ongoing downward movement, which has seen the price drop by 7.1% over the last three days.

In addition to the pattern, Brandt pointed out that Bitcoin’s recent rally hasn’t broken the longer-term trend of lower highs and lower lows, stating that a meaningful reversal will only occur if the price closes above $71,000.

“Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,” Brandt stated.

The price of Bitcoin has experienced volatility recently, with geopolitical tensions in the Middle East and concerns about the strength of the U.S. economy contributing to market uncertainty.

This sharp 72-hour downturn has erased nearly 12 days of gains, with Bitcoin now trading at $61,377, down from its recent highs.

Brandt’s humorous take on the "three blind mice" pattern could also be viewed as a playful reference to the "Three Black Crows" pattern, traditionally used in technical analysis to signal the reversal of an uptrend.

However, with Bitcoin’s price trend still showing signs of weakness, traders are cautious about what lies ahead.

At the time of reporting, the Bitcoin price was $61,372.18.