Veteran trader Peter Brandt said that Bitcoin's decline since its halving in April 2024 is beginning to resemble the market's movements before the 2016 bull market.
In an Aug. 5 article, Brandt said that "the decline since the bitcoin halving is now similar to the 2015-2017 halving bull cycle." It compared the depth of the market correction since the halving date, noting that the two are very similar. In 2016, the bitcoin halving took place on July 9, when the asset was priced at $650.
During the cycle, the market fell to a subsequent low of $474, down 27% in a month, before surging to a cycle high of $20,000 in December 2017. Similarly, Bitcoin recently fell below $50,000, down 26% from the halved $64,962.
However, there are also some analysts who warn that bitcoin could fall further. ITCCrypto founder Benjamin Cowen said in a post on X that the current pattern mirrors what happened in 2019, when the market surged in the first half of the year before pulling back sharply in the second half.
Trader Peter Brandt: Bitcoin's current trend is similar to the 2015-2017 halving bull cycle
2024-08-06 03:23:40
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