Bitcoin’s Recent Drop Mirrors 2016 Market Trends, According to Crypto Expert
Peter Brandt, a seasoned trader, observes that Bitcoin's recent decline resembles market trends before the 2016 bull run.
Brandt points out that the drop in Bitcoin’s value since the April 2024 halving is echoing the patterns seen in the 2015-2017 market cycle.
Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
— Peter Brandt (@PeterLBrandt) August 5, 2024
Following the 2016 halving, Bitcoin fell from $650 to $474, a 27% decrease, before soaring to $20,000 by the end of 2017. Currently, Bitcoin has slid to below $50,000, a 26% drop from its post-halving price of $64,962.
On August 5, Bitcoin fell to $49,200, down 20% from its late July high of $70,000. However, it has begun to recover, reaching $56,000 by early August 6.
READ MORE:
Bitcoin Bounces Back After Sharp Weekend DeclineAnalysts, including ITC Crypto’s Benjamin Cowen, note that this trend mirrors the market behavior of 2019, characterized by an initial surge followed by a substantial correction.
Tim Kravchunovsky of Chirp believes that cryptocurrencies might rebound more swiftly compared to traditional assets, drawing parallels to the rapid recovery seen in 2020.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Five charts to help you understand: Where does the market go after each policy storm?
After this regulatory crackdown, is it a harbinger of an impending downturn, or the beginning of a new cycle where all negative news has been fully priced in? Let’s examine the trajectory after the storm through five key policy milestones.
Mars Morning News | The crypto market rebounds across the board, Bitcoin rises above $94,500; The "CLARITY Act" draft is expected to be released this week
The crypto market has fully rebounded, with bitcoin surpassing $94,500 and US crypto-related stocks rising across the board. The US Congress is advancing the CLARITY Act to regulate cryptocurrencies. The SEC chairman stated that many ICOs are not securities transactions. Whales are holding a large number of profitable ETH long positions. Summary generated by Mars AI. The accuracy and completeness of the content generated by the Mars AI model is still being iteratively updated.
Federal Reserve’s Major Shift: From QT to RMP, How Will the Market Transform by 2026?
The article discusses the background, mechanism, and impact on financial markets of the Federal Reserve's introduction of the Reserve Management Purchases (RMP) strategy after ending Quantitative Tightening (QT) in 2025. RMP is regarded as a technical operation aimed at maintaining liquidity in the financial system, but the market interprets it as a covert easing policy. The article analyzes RMP's potential effects on risk assets, the regulatory framework, and fiscal policy, and provides strategic recommendations for institutional investors. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still in the process of iterative improvement.
Rate Hike in Japan: Will Bitcoin Resist Better Than Expected?
Trending news
MoreCrypto prices
More
