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Peter Brandt: BTC’s Recent Drops Akin to Its Trajectory before 2016 Bull Run
Popular US crypto trader Peter Brandt has drawn an interesting parallel between current Bitcoin price movements and similar behavior in the months preceding the 2016 bull run. According to his recent analysis, shared via a post on X, Bitcoin’s current trajectory is not far from its performance before the 2016 Bitcoin halving. Therefore, it might be a good precursor to draw a safe prediction from, he hinted.
In 2016, July 9, to be precise, Bitcoin underwent the halving event at a time when the prized asset traded at around $650. Shortly after the halving, however, Bitcoin price plummeted nearly 27%, falling to about $474 in the process.
Slow but steady gains would follow, though, and by December 2017, Bitcoin had reached an all-time high of nearly $20,000.
The period brought about one of the most incredible price increases ever seen, conferring on Bitcoin, its current status as a major player in the financial markets.
Bitcoin’s Recent Decline Mirrors 2016 Pre-Bull Run Patterns, Says Peter Brandt
Fast forward to 2024, Bitcoin’s recent performance brings back memories, showing an undeniable semblance with the historic pattern of 2016.
Recall that the fourth Bitcoin halving took place in April, as Bitcoin’s price initially surged. However, the asset has recently been bleeding profusely alongside the general crypto market, causing it to drop below the $50,000 mark. This decrease represents a nearly 26% decline from the halving price that saw BTC hit very close to $65,000.
According to Brandt, patterns currently playing out are not exactly unusual. As a fact, they mostly indicate a buildup of momentum toward another major bull run.
Besides, if the surge of 2017 is anything to go by, BTC could be seeing an over 4100% increase from its current levels before the end of 2025.
Opposing Views as BTC Picks Up Pace
While Brandt and others like him are fairly optimistic about the recent decline, some industry experts hold a different opinion. To this set of individuals, this is not just some temporary setback but a sign of broader market corrections.
Whichever might turn out to be the case, Brandt’s analysis has once again shown the ups and downs of Bitcoin’s price movements. It also highlights the importance of historical context in predicting future trends.
Notably, BTC has shown some signs of recovery from its recent losses. As of publication, Coinspeaker data showed it exchanging hands at $55,026, up 4.50% over the past 24 hours.
However, even that comes with the terrain as industry experts have long noted that Bitcoin’s market behavior often follows distinct cycles. That is, with periods of rapid growth followed by substantial corrections.
Peter Brandt: BTC’s Recent Drops Akin to Its Trajectory before 2016 Bull Run
