Veteran trader Peter Brandt has expressed serious concerns regarding Bitcoin‘s (BTC) recent decline to the $60,000 mark. As a significant voice in cryptocurrency trading, Brandt emphasized the necessity for Bitcoin to hit specific price milestones to uphold its current upward trajectory.
What Price Targets Does Brandt Recommend?
Brandt highlighted that Bitcoin must achieve higher weekly price targets. He articulated that without meeting these benchmarks, the sustainability of its recent upward movement remains uncertain. He stated, “The recent Bitcoin rally has not influenced the sequence of seven-month low highs and low lows.” Brandt further noted that a price closure above $71,000 would be necessary to validate the ongoing trend from November 2022.
What Does Technical Analysis Reveal?
In his assessments, Brandt identified a bearish pattern named “Three Blind Mice” on Bitcoin’s daily charts, which typically signals a continuation of the current trend. He remarked on the significance of this pattern, describing it as “the famous ‘Three Blind Mice and a Piece of Cheese’ pattern.”
- Bitcoin needs to close above $71,000 to maintain its upward trend.
- The current bearish pattern indicates a potential continuation of the price decline.
- XRP shows signs of a head and shoulders pattern, suggesting bearish sentiment.
Currently, Bitcoin is trading at approximately $61,000. Market analysts are keenly observing Brandt’s insights as traders look for essential technical indicators to ensure Bitcoin’s price stability.