Experienced trader Peter Brandt, Bitcoin 
$61,536He warned because (BTC) fell to the level of 60 thousand dollars. Brandt, as one of the leading names in the cryptocurrency market, stated that Bitcoin must reach certain price targets to maintain its current upward trend.
Concerns About Bitcoin’s Uptrend
In his statement to his followers on the social media platform, Brandt emphasized that Bitcoin should reach higher price targets in the weekly time frame. Otherwise, no assurance can be provided that the upward trend continues, he said:
The recent Bitcoin rally has not affected the seven-month sequence of lower highs and lower lows. Only a close above $71k and a new all-time high would indicate a continuation of the trend from the November 2022 low.
Technical Analysis and Formations
Brandt noted that on the daily time frame, Bitcoin formed a bearish “three blind mice” formation. In technical analysis, this formation generally indicates that the current trend will continue.
Brandt commented based on the formation: “Bitcoin forms the famous ‘Three Blind Mice and a Piece of Cheese’ formation.” he said.
Relationship Between XRP and Bitcoin
Brandt also warned that payment network XRP (XRP/BTC) could form a head-and-shoulders (H&S) formation on the monthly chart. This formation is generally considered a bearish reversal signal in technical analysis.
While XRP/BTC is currently trading at 0.00000861 BTC (about $0.52), it has lost approximately 2 percent in value in the last 24 hours.
Latest Status in Bitcoin
With Bitcoin currently trading around $61, market watchers are paying close attention to Brandt’s warnings. Investors expect Bitcoin to achieve the necessary technical targets to continue its uptrend.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
