**Bitcoin Faces Potential Downtrend, Says Veteran Trader**
Veteran trader Peter Brandt has highlighted a "three blind mice" pattern forming in Bitcoin's (BTC) price action, suggesting a possible downturn. Brandt shared this observation with his 740,000 followers on X (formerly Twitter) on October 2.
- **Pattern Insight**: The "three blind mice" pattern is typically seen as a continuation signal, indicating that the current trend—whether up or down—will likely persist.
- **Historical Context**: Brandt previously mentioned this pattern in December 2022, when Bitcoin was around $17,000. The asset experienced a slump before a sharp rally in January 2023.
- **Current Market Sentiment**: Bitcoin has dropped 7.1% in the last three days, erasing nearly 12 days of gains. This decline is attributed to escalating geopolitical tensions in the Middle East and concerns about the US economy and upcoming elections.
- **Technical Analysis**: Brandt noted that Bitcoin's recent rally hasn't disrupted its 7-month sequence of lower highs and lower lows. He emphasized that only a close above $71,000, confirmed by a new all-time high (ATH), would indicate a trend reversal from the November 2022 low.
Stay tuned for more updates as the market reacts to these developments.