Bitcoin

After a big crash on August 5, the crypto market is improving. Bitcoin’s price has risen to $55,589, up 12.2% from yesterday’s low, thanks to recovery signs in the US futures market.Veteran trader Peter Brandt is optimistic, seeing similarities between this drop and the 2016 halving that led to the 2017 bull run.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/300e1bf1074f4810b5b07a62afc01e51.png" /><h3 id="bitcoin-s-current-market-cycle-mirrors-historic-bull-run">Bitcoin’s Current Market Cycle Mirrors Historic Bull Run</h3>The comparison to the 2015-2017 cycle is significant because it ended with a historic bull run, where <a href="https://cryptosheadlines.com/bitcoin-hits-record-high-in-latest-bull-market-analysis/" rel="noopener noreferrer nofollow">Bitcoin hit record</a> highs. Veteran trader Peter Brandt’s observation suggests that, despite recent setbacks, Bitcoin might be on a similar path that could lead to future gains.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/627e5cf0e6f14911acb4ca199aab230e.png" />Source: <a href="https://x.com/PeterLBrandt/status/1820421762493890737" rel="noopener noreferrer nofollow">X</a>In a recent tweet, Brandt highlighted that in 2016, Bitcoin’s price dropped from $650 to $474, a 27% fall after the halving, before soaring to $20,000 by December 2017.Looking at Bitcoin’s current scenario, the price has decreased by 26% from its post-halving high of $64,962. Brandt views this as a potentially bullish sign. Bitcoin has seen a significant drop similar to 2016, falling by 26% to around $49,050 from its peak of $70,000 in late July. However, the cryptocurrency has shown resilience, recovering to $56,000 in early trading on August 6.<h3 id="bitcoin-price-gains-amid-extreme-fear-in-the-market">Bitcoin Price Gains Amid “Extreme Fear” in the Market</h3>The BTC price chart showed gains of 4.82% over the past day, reaching $55,848.13. The 24-hour <a href="https://cryptosheadlines.com/franklin-templeton-sets-record-low-fee-for-bitcoin-etf/" rel="noopener noreferrer nofollow">low and high were recorded</a> at $49,121.24 and $56,271.37, respectively.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/300e1bf1074f4810b5b07a62afc01e51.png" />Meanwhile, the Crypto Fear and <a href="https://cryptosheadlines.com/xrp-greed-index-surges-with-1-3-billion-volume-bullish-sign/" rel="noopener noreferrer nofollow">Greed Index</a> has entered the “Extreme Fear” zone for the first time in two years, coinciding with outflows of $168.4 million from U.S. spot Bitcoin exchange-traded funds.On August 5, the index, which gauges market sentiment for Bitcoin and the broader cryptocurrency market, dropped to a score of 17 out of 100, the lowest since July 12, 2022.<a href="https://cryptosheadlines.com/fed-chair-hints-at-possible-rate-cut-in-september/" rel="noopener noreferrer nofollow">Also Read: Fed Chair Hints at Possible Rate Cut in September</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/2e0233c773564e7f9adcc6d28bdaee69.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Bitcoin Rebounds: Is a Bull Run Coming Despite Market Fear?

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