Peter Brandt emphasized that in whatever direction the “blind mice” move, the rate of the first cryptocurrency will continue to move. According to the analyst, Bitcoin cannot break out of the downtrend.
“The “three blind mice” pattern is clearly visible on the Bitcoin chart. It points to further price declines, so don’t expect a bullish rally in October,” Brandt said.
The increase in Bitcoin trading volume while the price is falling indicates that investors are trying to quickly leave the market for gold amid growing geopolitical tensions, the expert noted.
He noted that over the past 24 hours, over $242.6 million was withdrawn from American spot Bitcoin ETFs, which is the largest outflow of funds in recent months. Institutional investment funds prefer not to take risks, the trader concluded.
Earlier, Forbes analyst and author Jesse Colombo said that Bitcoin did not live up to the title of a “safe haven” during a period of global international turmoil.
Source: Bits
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