Odaily Planet Daily News: Veteran trader Peter Brandt said that Bitcoin's decline since the halving in April 2024 has begun to resemble the market trend before the 2016 bull run. Brandt said in an article on August 5 that "the decline since the Bitcoin halving is now similar to the 2015-2017 halving bull cycle." It compared the depth of market adjustments since the halving date, noting that the two are very similar. In 2016, the Bitcoin halving occurred on July 9, and the asset price on that day was $650. During the cycle, the market fell to the subsequent low of $474, falling 27% in a month, and then soared to a cycle high of $20,000 in December 2017. Similarly, Bitcoin recently fell below $50,000, down 26% from $64,962 after the halving. However, some analysts have warned that Bitcoin may fall further. ITC Crypto founder Benjamin Cowen said in an article on X that the current pattern reflects what happened in 2019, when the market soared in the first half of the year and then pulled back sharply in the second half. (Cointelegraph)

#BTC