Brandt observed that Bitcoin is currently forming a “three blind mice” trading pattern, a signal that many market analysts interpret as a precursor to a potential decline in value.

In a post dated October 2, he communicated to his followers that Bitcoin (BTC) is exhibiting the “infamous Three Blind Mice and a Piece of Cheese” formation.

According to technical analysis from Morpher, the “three blind mice” pattern is typically regarded as a continuation pattern, implying that the direction the pattern leads indicates future price movements.

Brandt previously noted the same pattern in December 2022, when Bitcoin was trading around $17,000. Following that, Bitcoin experienced a lengthy downturn before a significant price increase in January 2023.

On October 2, Brandt warned that Bitcoin’s latest rally did not alter the ongoing trend of lower highs and lower lows established over the past seven months. He emphasized, “Only a close above $71,000 confirmed by a new all-time high will indicate that the trend from the November 2022 low remains intact.”

Some traders have humorously suggested that Brandt’s “three blind mice” pattern may playfully reference the Three Black Crows pattern, known for signaling a potential reversal of an uptrend.

The name may also refer to the traditional nursery rhyme, which features the phrase, “see how they run.”

Bitcoin’s price has decreased by 7.1% within the last three days, wiping out nearly 12 days of gains in a sharp downturn.

This decline in Bitcoin’s price is attributed to rising geopolitical tensions in the Middle East, combined with increasing concerns about the strength of the US economy and the implications of the upcoming elections.