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Peter Brandt, who has been trading in the markets since 1975, discusses a well-known pattern in charts in today’s assessment. Currently, there are widespread comments suggesting that the downward trend has been broken and that Bitcoin’s price will gain momentum. Just a few hours ago, Jelle reiterated this prediction. So, why does this 50-year trader remain skeptical?
Bitcoin Breaks the Downward Trend
As of this writing, the king cryptocurrency is hovering around $85,700, and hopes for further easing are motivating traders. It’s widely understood that this chaos cannot continue indefinitely. Moreover, the recent rise has led to the formation of the pattern that analysts like Jelle have pointed out in Bitcoin 
$94,311’s chart.
Jelle stated:
“Bitcoin has broken the daily downtrend line, formed an ascending triangle, and is now retesting it. The price seems eager to rise — hold on, and I see us moving towards the next $88,000 region.”
Peter Brandt shared a nearly identical chart and expressed his disagreement.
“Many amateur chart analysts are focusing on this trend line. Among all chart patterns, trend lines are the least significant. A trend line breach does not indicate a trend change. Sorry.”
Of course, neither Peter nor Jelle possesses crystal balls to predict the future. Peter’s 50 years of experience did not make him a billionaire, indicating he cannot foresee the future or visualize all significant movements in charts. However, Peter’s critique of the current structure, combined with market skepticism, could lay the groundwork for a surprising upward movement.
Bitcoin’s MVRV-Z Data
Jelle also drew attention to the MVRV-Z metric, which compares Bitcoin’s market value to its realized value, indicating whether BTC is overvalued. In this calculation, the market value (current BTC price * circulating supply) uses the last price each BTC moved at. A score of 7 indicates extreme overvaluation, while 2-7 suggests healthy growth, and 0-2 is neutral. Historically, Z scores above 7 were seen during peak bull markets in 2011, 2013, 2017, and 2021. Below is the current status.
“Bitcoin’s MVRV Z-Score has historically been a strong indicator of when cycles are nearing their peak. So far, it appears we are in a mid-cycle consolidation phase; the steepest rise for this cycle has yet to come. Expect this rise,” Jelle concluded.
