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

ChainCatcher news, according to Cointelegraph, veteran trader Peter Brandt stated that the decline of Bitcoin since the halving in April 2024 has begun to resemble the market trends before the 2016 bull market.

Brandt said, "The decline of Bitcoin since the halving is now similar to the 2015-2017 halving bull market 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 that cycle, the market fell to a subsequent low of $474, a drop of 27% within a month, before skyrocketing to a cycle high of $20,000 in December 2017. Similarly, Bitcoin recently fell below $50,000, down 26% from the post-halving $64,962.