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Experienced trader Peter Brandt has warned that Bitcoin’s (BTC) decline to the $60,000 level poses significant risks. As a prominent figure in the cryptocurrency market, Brandt highlighted that Bitcoin 
$103,455 must reach specific price targets to maintain its current upward trend.
Concerns Regarding Bitcoin’s Upward Trend
In a recent statement to his followers on social media, Brandt emphasized the need for Bitcoin to achieve higher price targets on a weekly timeframe. He expressed that without reaching these targets, there would be no assurance that the upward trend is sustained, stating:
The recent Bitcoin rally has not influenced the sequence of seven-month low highs and low lows. Only a close above $71,000 and a new all-time high will demonstrate that the trend, which has continued from the November 2022 lows, is still in play.
Technical Analysis and Patterns
Brandt noted that Bitcoin has formed a bearish “Three Blind Mice” pattern on the daily chart. This formation generally indicates that the current trend is likely to continue according to technical analysis.
In his commentary on the formation, Brandt remarked, “Bitcoin is creating the famous ‘Three Blind Mice and a Piece of Cheese’ pattern.”
Relationship Between XRP and Bitcoin
Additionally, Brandt warned that the payment network XRP (XRP/BTC) could be forming a head and shoulders (H&S) pattern on the monthly chart. This pattern is often regarded as a bearish reversal signal in technical analysis.
Currently, XRP/BTC is trading at 0.00000861 BTC (approximately $0.52), having lost about 2% in value in the last 24 hours.
Current Status of Bitcoin
At present, Bitcoin is trading around $61,000. Market observers are closely monitoring Brandt’s warnings as traders anticipate that Bitcoin must meet necessary technical targets to sustain its upward trend.
