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BTC’s price support might be looking a bit shaky, but many in the market still believe the overall structure is bullish.

According to Rekkt Capital, Bitcoin’s been here before. The $60,000 mark is a key psychological level, and retesting it from above isn’t something to stress about. BTC/USD has dropped around 6% in the last three days after hitting a two-month high above $66,000.

The largest cryptocurrency by market capitalization has revisited the $60,000 level quite a few times in recent months, and as per a tweet by markets trader Jelle, a bit of red to the start of Q4 is nothing to give you sleepless nights.

While optimists like Rekt Capital see this dip as just a minor correction before a Q4 uptrend, others, like Peter Brandt, are less convinced. Using the "three blind mice" pattern, Brandt suggests BTC could fall below $60,000 again.

The three blind mice and a piece of cheese

On Oct. 2, Peter Brandt shared with his 740,000 followers on X that Bitcoin is showing signs of the "infamous Three Blind Mice and a Piece of Cheese" trading pattern.

According to Morpher's technical analysis, the "three blind mice" pattern is indicated as a continuation signal, meaning the direction the "mice" are moving in is likely where the price will go next. 

Brandt mentioned this pattern lastly  in December 2022 at a time when Bitcoin was exchanging hands at $17,000.

 After weeks of slumping, BTC broke out sharply to the upside in January 2023.

Rumor has it that bears are suffering from disbelief!

Will BTC pump to $70,000?

In yet another post on the same day, Brandt warned traders that Bitcoin’s recent rally didn’t disrupt the 7-month streak of lower highs and lower lows, meaning the downtrend is still in play.

He added that only a close above $71,000, confirmed by a new all-time high (ATH), would signal that the uptrend from November 2022 is still intact.

Brandt’s “three blind mice” pattern is a playful twist on the well-known “three black crows” pattern, which signals an uptrend reversal. 

The name might also come from the famous nursery rhyme that repeats “three blind mice” with the line “see how they run.” Bitcoin’s price has taken a 7.1% dive over the last three days, wiping out nearly two weeks’ worth of gains in just 72 hours.

Final Takeaway

The BTC/USDT pair has hit the 50-day simple moving average (around $60,357), a key level that bulls are determined to hold. If the price bounces back and pushes above the 20-day EMA, the bulls could try again to break through the $65,000 to $66,500 resistance zone. If they succeed, we might see the pair climb toward $70,000.

On the flip side, if the price drops below the 50-day SMA, it opens the door for a dip to $57,500. Buyers are likely to put up a strong fight at this level, but if they can't hold the line, BTC/USDT could slide further to $54,000.

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