Reserve

Bitcoin’s decline since the April 2024 halving is starting to look similar to market movements ahead of the 2016 bull run, according to veteran trader Peter Brandt.&nbsp;
In an X post on Aug. 5, the analyst <a href="https://x.com/peterlbrandt/status/1820421762493890737" target="_blank" rel="noopener nofollow">said</a> that the “BTC decline since halving is now similar to that of the 2015-2017 halving bull market cycle.”
Brandt compared the <a href="https://cointelegraph.com/explained/what-is-market-depth-in-crypto">depth of the market</a><a href="https://cointelegraph.com/explained/what-is-market-depth-in-crypto"></a> corrections since the halving dates, noting the similarities.
In 2016, the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) halving occurred on July 9, and the price on that day was $650. The markets retreated during that cycle to a subsequent low of $474 in a 27% post-halving decline within a month before rocketing to a cycle high of $20,000 in December 2017. 
Similarly, the recent Bitcoin slump below $50,000 now represents a 26% decline from the post-<a href="https://cointelegraph.com/explained/the-mathematics-of-bitcoin-halvings-cracking-the-equations-and-formulas">halving</a> price of $64,962.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/8fc89471-73b4-4ac4-89fd-31eb7c264946.jpg" alt="Bitcoin decline is similar to the start of the 2016 bull run — Peter Brandt" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/peterlbrandt/status/1820421762493890737" target="_blank" rel="noopener nofollow">Peter Brandt</a>
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However, some analysts warn <a href="https://cointelegraph.com/news/the-bitcoin-bottom-is-not-in-btc-traders-set-price-targets-in-low-40k-range">Bitcoin could drop lower</a>. 
On Aug. 5, BTC prices dumped double figures in a fall to $49,221, <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
It has lost 20% since tapping $70,000 in late July but has already shown signs of recovery, reclaiming $56,000 during early trading in Asia on Aug. 6. 
On Aug. 5, ITC Crypto founder Benjamin Cowen <a href="https://x.com/intocryptoverse/status/1820417901829984593" target="_blank" rel="noopener nofollow">said</a> in a post on X that the pattern had mirrored that of 2019 when markets surged for the first half of the year, then dumped in a massive correction for the second half. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/feda4c1c-1425-405c-92e8-0cde4246c9cf.jpg" alt="Bitcoin decline is similar to the start of the 2016 bull run — Peter Brandt" title="">
 <figcaption style="text-align: center;">
 Source: Benjamin Cowen
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/crypto-crash-300-billion-largest-three-day-plunge-crypto-one-year">$500B plunge: Largest 3-day wipeout for crypto in a year</a>
Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, commented in a note to Cointelegraph that crypto assets could recover much more quickly than other risk assets, as they did in 2020. 
The massive sell-off was <a href="https://cointelegraph.com/news/crypto-market-perfect-storm-further-massive-capitulation">not a crypto-specific issue</a> as “macroeconomic factors are in the driving seat,” he said.
<blockquote data-ct-non-breakable="true">
 “Over the coming hours and days, we may well see a decoupling of crypto from traditional stocks, similar to what we saw in 2020.”
</blockquote>
“Back then, crypto staged a much faster and more pronounced recovery from the pandemic-driven collapse than traditional stock markets, and we may well see something similar this time,” he added.
Magazine: <a href="https://cointelegraph.com/magazine/bitfinex-hacker-bitcoin-2024-senator-lummis-bitcoin-strategic-reserve-bill-cointelegraph-magazine/">Hodler's Digest Criminal at Bitcoin 2024, BTC Strategic Reserve Bill, and more: Hodler’s Digest, July 28 – Aug. 3</a>

Bitcoin decline is similar to the start of the 2016 bull run — Peter Brandt

Cointelegraph

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