ChainCatcher news: According to Cointelegraph, veteran trader Peter Brandt said that Bitcoin's decline since its halving in April 2024 has begun to resemble the market trend before the 2016 bull market.
Brandt said, “The decline since Bitcoin’s halving is now similar to the 2015-2017 halving bull cycle.” He compared the depth of the market correction since the halving date, noting that the two are very similar.
In 2016, the Bitcoin halving occurred on July 9, with the asset price at $650 on that day. During the cycle, the market fell to the subsequent low of $474, a 27% drop in a month, before surging to a cycle high of $20,000 in December 2017. Similarly, Bitcoin recently fell below $50,000, a 26% drop from its post-halving price of $64,962.
