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