BroadChain has learned that on August 6, according to Cointelegraph, veteran trader Peter Brandt stated that the decline of Bitcoin since the halving in April 2024 has begun to resemble the market trends seen before the bull market of 2016.
In an article dated August 5, Peter Brandt noted, “The decline of Bitcoin since the halving now resembles the halving bull market cycle of 2015-2017.” He compared the depth of market corrections since the halving date and pointed out the striking similarities between the two scenarios.
In 2016, the Bitcoin halving occurred on July 9, with the asset priced at $650 on that day. During that cycle, the market fell to a subsequent low of $474, representing a 27% decline within a month, before surging to a cycle peak of $20,000 in December 2017.
Similarly, Bitcoin recently dropped below $50,000, a 26% decline from the post-halving price of $64,962.
However, some analysts have warned that Bitcoin may face further declines. Benjamin Cowen, founder of ITC Crypto, indicated that the current pattern reflects the scenario of 2019, when the market surged in the first half of the year, followed by a significant correction in the second half.
