TechFlow News — Veteran trader Peter Brandt noted that Bitcoin's downtrend since the April 2024 halving has begun to resemble the market pattern preceding the 2016 bull run. By comparing the depth of market corrections following the two halvings, Brandt found striking similarities. After the July 9, 2016 Bitcoin halving—when BTC was priced at $650—it dropped 27% over the next month to $474, before surging to a cycle peak of $20,000 in December 2017.
Similarly, Bitcoin recently fell below $50,000, down 26% from its post-halving high of $64,962. However, some analysts warn of further downside risks.
According to CoinGecko data, Bitcoin plunged to $49,221 on August 5 but had rebounded above $56,000 by early Asian trading on August 6.
Tim Kravchunovsky, founder and CEO of Chirp, said crypto assets may recover faster than other risk assets, similar to the situation in 2020. He believes the recent broad selloff is not specific to cryptocurrencies but driven by macroeconomic factors, and that in the coming days, cryptocurrencies could decouple from traditional equities and experience a quicker, more pronounced recovery.
