Fun

Bitcoin decline is similar to the start of the 2016 bull run — Peter Brandt

News Feed - 2024-08-06 12:08:08

Martin Young5 hours agoBitcoin decline is similar to the start of the 2016 bull run — Peter BrandtBitcoin declined by a very similar amount following the 2016 halving and before the 2017 bull run.10145 Total views25 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onBitcoin’s decline since the April 2024 halving is starting to look similar to market movements ahead of the 2016 bull run, according to veteran trader Peter Brandt. 


In an X post on Aug. 5, the analyst said that the “BTC decline since halving is now similar to that of the 2015-2017 halving bull market cycle.”


Brandt compared the depth of the market corrections since the halving dates, noting the similarities.


In 2016, the Bitcoin (BTC) halving occurred on July 9, and the price on that day was $650. The markets retreated during that cycle to a subsequent low of $474 in a 27% post-halving decline within a month before rocketing to a cycle high of $20,000 in December 2017.


Similarly, the recent Bitcoin slump below $50,000 now represents a 26% decline from the post-halving price of $64,962.Source: Peter Brandt


However, some analysts warn Bitcoin could drop lower.


On Aug. 5, BTC prices dumped double figures in a fall to $49,221, according to CoinGecko.


It has lost 20% since tapping $70,000 in late July but has already shown signs of recovery, reclaiming $56,000 during early trading in Asia on Aug. 6.


On Aug. 5, ITC Crypto founder Benjamin Cowen said in a post on X that the pattern had mirrored that of 2019 when markets surged for the first half of the year, then dumped in a massive correction for the second half.Source: Benjamin Cowen


Related:$500B plunge: Largest 3-day wipeout for crypto in a year


Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, commented in a note to Cointelegraph that crypto assets could recover much more quickly than other risk assets, as they did in 2020.


The massive sell-off was not a crypto-specific issue as “macroeconomic factors are in the driving seat,” he said.“Over the coming hours and days, we may well see a decoupling of crypto from traditional stocks, similar to what we saw in 2020.”


“Back then, crypto staged a much faster and more pronounced recovery from the pandemic-driven collapse than traditional stock markets, and we may well see something similar this time,” he added.


Magazine:Hodler"s Digest Criminal at Bitcoin 2024, BTC Strategic Reserve Bill, and more: Hodler’s Digest, July 28 – Aug. 3# Bitcoin# Markets# BTC Markets# Bitcoin HalvingAdd reaction

News Feed

Coinbase Blacklists Over 25,000 Crypto Addresses Tied to Russian Individuals and Entities
Coinbase Blacklists Over 25,000 Crypto Addresses Tied to Russian Individuals and Entities The cryptocurrency exchange Coinbase has addressed the company’s procedures toward
Central Banks of France, Switzerland and BIS Complete Cross-Border CBDC Trial
Central Banks of France, Switzerland and BIS Complete Cross-Border CBDC Trial Bank of France, the Swiss National Bank (SNB), and the Bank for International Settlements have success
Dapper Labs and Flow Blockchain to Get a Boost From Big Tech as Studio Partners With Google
Dapper Labs and Flow Blockchain to Get a Boost From Big Tech as Studio Partners With Google Google is joining forces with the blockchain firm Dapper Labs in order to help bolster W
Bitcoin Rally Driven By U.S. Coinbase Investors – Top Analyst Shares Metrics
Este artículo también está disponible en español. Bitcoin reached a new all-time high yesterday, surging to $94,000 and solidifying the bulls’ control over the market.
National Power Administration Will Propose a Special Cryptocurrency Mining Fee in Paraguay
National Power Administration Will Propose a Special Cryptocurrency Mining Fee in Paraguay The National Power Administration of Paraguay has proposed to set a special mining fee fo
Edward Snowden Says Bitcoin Up 10x Since He Tweeted About Buying It, China’s Ban Makes BTC Stronger
Edward Snowden Says Bitcoin Up 10x Since He Tweeted About Buying It, China"s Ban Makes BTC Stronger Privacy activist and whistleblower Edward Snowden says that bitcoin is up about
Kyle White14 hours agoWhy is XRP price up today?XRP price soars following a Federal court ruling that the altcoin is not a security.59262 Total views141 Total sharesListen to article 0:00Markets NewsJoin us on social net
Swiss Stock Exchange’s Crypto Trading Volume Soars — Hits Record $1.2 Billion
Swiss Stock Exchange"s Crypto Trading Volume Soars — Hits Record $1.2 Billion Switzerland’s principal stock exchange has revealed that its crypto trading
Derek Andersen6 hours agoSen. Warren, 100+ legislators write White House, Treasury about crypto and terrorismThe letter was signed by crypto opponents and many lawmakers who had been neutral on crypto until now.1007 Tota
Generations of Debt: US Taxpayers Held Liable for Federal Reserve’s $6.9 Trillion Balance
Generations of Debt: US Taxpayers Held Liable for Federal Reserve"s $6.9 Trillion BalanceThe central banking system in the U.S. and the country’s megabanks have manipulated th
Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview
Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview Finance mogul Warren Buffett, one of the most successful investors in history, discussed bitcoin dur
Bitcoin sells the news on Hong Kong ETF debut — Will BTC hold $60K?
Zoltan Vardai7 hours agoBitcoin sells the news on Hong Kong ETF debut — Will BTC hold $60K?Bitcoin could continue its decline below the $60,000 psychological mark after the debut of Hong Kong ETFs proved to be a sell-t