Famous US cryptocurrency trader Peter Brandt evaluated the recent decline in Bitcoin by referring to historical data.
Pointing out that the declines in Bitcoin since the halving in April 2024 are similar to the declines experienced after the 2016 halving, Peter Brandt compared the peaks experienced during other halvings and afterwards.
Brandt stated that it took 8 weeks after the halving in 2012, 24 weeks after the halving in 2016 and 25 weeks after the halving in 2020 for Bitcoin to reach a new peak, and pointed out that 16 weeks have passed since the halving in 2024.
According to Brandt, who thinks that the current situation in Bitcoin is similar to the bull market in the 2015-2017 period, if history repeats itself, there may be very little time left for new peaks in BTC.
On July 9, the day of the Bitcoin halving in 2016, which Brandt draws a similarity from, the BTC price was approximately $650. According to the table, the Bitcoin price dropped by approximately 27% after the halving, falling to $474, and then jumped to $20,000 in December 2017.
At this point, according to Brandt, Bitcoin's recent fall below $ 50,000 and a decrease of approximately 25% from its price of $ 64,962 during the fourth halving in 2024 reflects the post-Halving movements in 2016.
“The decline in Bitcoin since the last halving is similar to the halving bull market cycle of 2015-2017.”
Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
— Peter Brandt (@PeterLBrandt) August 5, 2024
*This is not investment advice.
