Bitcoin’s downtrend is beginning to resemble the market movement before the 2016 bull run.
The analyst said in an Aug. 5 post on x that “BTC’s downtrend since the halving is now similar to the downtrend of the 2015-2017 halving bull cycle.” Brandt compared the depth of the market corrections since the halving, noting that they are very similar.
In 2016, the Bitcoin halving occurred on July 9, with the asset price at $650 that day. The market fell back to a subsequent low of $474 during the cycle, falling 27% within a month after the halving, before soaring to a cycle high of $20,000 in December 2017.
Likewise, Bitcoin recently fell below $50,000 and is currently down $26,000 from its post-halving price of $64,962
