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Bitcoin’s current dip echoes start of 2016 bull run: Analyst Peter Brandt

By:Z, Enzo
Last updated:08/06/2024
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Bitcoin's current dip echoes start of 2016 bull run: Analyst Peter Brandt

Veteran trader Peter Brandt observes that Bitcoin’s decline since the April 2024 halving bears similarities to market trends preceding the 2016 bull run. In an Aug. 5 post on X, Brandt pointed out that the current BTC decline mirrors that of the 2015-2017 halving bull market cycle. He compared the depth of market corrections from both halving events, highlighting their striking resemblance. 

In 2016, Bitcoin halving occurred on July 9th, with BTC priced at $650. The markets retreated to a low of $474, a 27% post-halving decline, before skyrocketing to a high of $20,000 in December 2017. Similarly, the recent Bitcoin dip below $50,000 marks a 26% decrease from its post-halving price of $64,962. Despite this parallel, some analysts caution that Bitcoin could experience further drops. Stay tuned for updates on this developing story as the crypto market continues to evolve.

BTC Prices Plummet by Double Digits to $49,221 on August 5th

Following a significant drop of 20% from its July peak of $70,000, the cryptocurrency market has demonstrated resilience, bouncing back to reclaim $56,000 during early Asian trading on August 6th. This recovery aligns with expert predictions from ITC Crypto’s Benjamin Cowen, who noted similarities to the market’s 2019 trajectory—a year that saw markets surge in the first half, followed by a significant correction in the second. Chirp CEO Tim Kravchunovsky echoes this optimism, suggesting that crypto assets could recover more rapidly than other risk assets, as was observed in 2020. The recent selloff, he emphasizes, is not isolated to the crypto market but is largely driven by macroeconomic factors. Despite these challenges, the crypto market’s resilience and potential for quick recovery remain strong.


In the upcoming hours and days, there’s a strong possibility of witnessing a decoupling of cryptocurrencies from traditional stocks, reminiscent of the trend observed in 2020. During that period, cryptocurrencies demonstrated a remarkably swift and significant recovery from the pandemic-induced market collapse, surpassing the recovery rate of traditional stock markets. This time around, we may observe a similar phenomenon, where cryptocurrencies exhibit a distinct resilience and potentially outperform traditional investments in terms of recovery speed and magnitude. Stay tuned as we monitor this developing trend and its potential implications for investors and the global financial landscape.

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