Trader Peter Brandt: Bitcoin's current trend is similar to the halving bull market cycle of 2015-2017

Veteran trader Peter Brandt stated that the decline of Bitcoin since its halving in April 2024 has begun to resemble the market trend before the bull market in 2016. In an article on August 5, Brandt said, "The decline of Bitcoin since its halving now resembles the half-bull market cycle from 2015-2017." He compared the depth of market adjustments since the halving date and pointed out that they are very similar. In 2016, Bitcoin's halving occurred on July 9th with an asset price of $650 on that day. During this cycle, the market fell to a subsequent low point of $474 within a month, dropping by 27%, then soared to a cycle high point of $20,000 in December 2017.

Similarly, Bitcoin recently fell below $50,000 dollars which is a drop by about 26% from its post-halving peak at $64,962 dollars. However some analysts have warned that bitcoin could fall further. ITCCrypto founder Benjamin Cowen stated in an article on X that this current pattern reflects what happened in 2019 when markets surged during first half year and then significantly pulled back during second half year.