2024

bullish

Bitcoin

April

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Yesterday’s Bitcoin price drop below $50,000 may suggest upcoming bullish moves.</li> 
 <li>BTC’s decline since 2024 halving has similarities to market movements ahead of the 2016 bull run.</li> 
</ul> 
Bitcoin’s price saw a spectacular rebound following an August 5 drop below the important level of $50,000. 
At the moment of writing this article, BTC is trading above $55,000, up by over 4% in the past 24 hours. 
<figure id="attachment_48348" aria-describedby="caption-attachment-48348" style="width: 100%" class="wp-caption alignnone">
 <a href="https://crypto.ro/en/wp-content/uploads/2024/08/BTC_1D_graph_coinmarketcap-28.jpeg"><img loading="lazy" decoding="async" class="wp-image-48348 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/08/BTC_1D_graph_coinmarketcap-28.jpeg" alt="BTC price in USD today" width="1200" height="800" title="Why Bitcoin Price Decline Below $50K Suggests Upcoming Bull Run 17"></a>
 <figcaption id="caption-attachment-48348" class="wp-caption-text">
 BTC price in USD today
 </figcaption>
</figure> 
Popular trader Peter Brandt believes that yesterday’s price drop for Bitcoin looks similar to the price movements that the digital asset experienced before the 2016 bull run. 
In a post on X from August 5, Brandt addressed the market corrections since halving dates and he noted the similarities between them. 
He wrote that Bitcoin’s decline since the 2024 April halving now looks similar to the price moves of the 2015-2017 halving bull market cycle. 
According to his <a href="https://x.com/peterlbrandt/status/1820421762493890737" rel="nofollow" target="_blank">notes</a>, Bitcoin’s price dropped by 27% post the 2016 halving. Back then, BTC saw a $650 halving close, and a subsequent low of $474. 
Following this year’s halving, Bitcoin experienced a 26% price drop the other day. The April halving saw a close of $64,962, and a subsequent low of $49,050. 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/PeterLBrandt/status/1820421762493890737/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GUNvxy2XkAASWqE?format=png&amp;name=small" alt="Peter Brandt via X" width="512" height="201" title="Why Bitcoin Price Decline Below $50K Suggests Upcoming Bull Run 18"></a>
 <figcaption class="wp-caption-text">
 Peter Brandt via X
 </figcaption>
</figure> 
According to Brandt, Bitcoin’s price presents strong similarities with the 2015-2017 cycle and yesterday’s prices were reminiscent of the bullish moves that followed the 2016 halving. This means that we might expect a new bull run for the coin in the near future, according to his opinion. 
<h2 id="bitcoin-short-term-holders-sopr-indicator">Bitcoin Short-Term Holders’ SOPR Indicator</h2> 
Yesterday’s<a href="https://crypto.ro/en/news/why-is-bitcoin-down-today/"> Bitcoin price drop</a> has been comparable to other important events in the crypto industry, according to other analysts. 
For instance, CryptoQuant’s verified author, Axel Adler Jr. has compared the August 5 price drop of BTC to the price moves dating back to the China mining ban, or the collapse of the FTX exchange. 
He shared a graph showing the BTC short-term holders’ SOPR indicator to sustain his argument. 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/AxelAdlerJr/status/1820723706915684822/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GUSCjvOWwAAJmTj?format=jpg&amp;name=large" alt="CryptoQuant data" width="2048" height="1152" title="Why Bitcoin Price Decline Below $50K Suggests Upcoming Bull Run 19"></a>
 <figcaption class="wp-caption-text">
 CryptoQuant data
 </figcaption>
</figure> 
Today, the same CryptoQuant author posted another message via his X account, saying he hopes everyone is alive after the Black Monday. He also shared the current support and resistance levels for BTC. 
<figure style="width: 100%" class="wp-caption alignnone">
 <a href="https://x.com/AxelAdlerJr/status/1820682028104221108/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GURcpzwXQAAZagd?format=jpg&amp;name=large" alt="CryptoQuant" width="2048" height="1152" title="Why Bitcoin Price Decline Below $50K Suggests Upcoming Bull Run 20"></a>
 <figcaption class="wp-caption-text">
 CryptoQuant
 </figcaption>
</figure> 
According to him, support is at $49,100 and resistance is $61,500 for the 200-day simple moving average.

Why Bitcoin Price Decline Below $50K Suggests Upcoming Bull Run

Table of Contents

crypto.ro global

Other articles published on Aug 6, 2024

Vitalik Buterin Drives Cross-Chain L2 Interoperability for Ethereum Revolution

What Has Intensified SEC vs Coinbase Legal Battle Now?

Markets blow up, so ‘the best prep is to have a plan to buy fear and sell euphoria’ — Veteran trader

Coffeezilla Strikes Back The Fight for CryptoZoo Victims’ Justice

Perfect Storm Hits Crypto Market: Why The Sandbox and This Top Meme Coin Presale Offer a Silver L...

Secret $30 Billion QE Boost: Will Bitcoin Skyrocket as Hidden Liquidity Floods Markets?

Join our free newsletter for daily crypto updates!