Veteran trader Peter Brandt sounds the alarm on Bitcoin

Veteran trader Peter Brandt sounded the alarm when Bitcoin fell to the $60,000 level. He said Bitcoin still needs to reach higher price targets on the weekly timeframe, closing above $71,000 and setting new highs to confirm that the bullish trend is intact. On the daily timeframe, Bitcoin appears to be forming a bearish "three blind mice" pattern. At the same time, he also warned that XRP may form a head and shoulders pattern against Bitcoin on the monthly chart, which is often seen as a bearish reversal pattern in technical analysis. Bitcoin is currently trading at $60,839.