Bitcoin Price Decline Trend Similar to Trend Before 2016 Bull Market

Bittime - In the last few days, Bitcoin price has experienced a significant decline. According to veteran trader Peter Brandt, this downward trend bears a striking similarity to the pattern that occurred before the 2016 bull market. 

Bitcoin Price Decline Trend 2016 vs 2024

Source: Twitter.com/PeterLBrandt 

Brandt pointed out that the price decline since the last Bitcoin halving in April 2024 is starting to resemble the market movements leading up to the 2016 bull market, which could be early signs of a stronger rebound.

On July 9, 2016, Bitcoin halved at around $650. After that, the market fell by 27%, reaching a low of $474 within a month. 

However, not long after, Bitcoin prices shot up to reach a cycle peak of $20,000 in December 2017. Similarly in recent months, Bitcoin fell below $50,000, which represents a 26% drop from its post-Bitcoin halving price of $64,962. 

Although some analysts warn that Bitcoin prices could still fall lower, this pattern suggests the potential for a significant rebound like the one in 2016.

Potential for Quick Recovery

Tim Kravchunovsky, the founder and CEO of Chirp argues that crypto assets, including Bitcoin, can recover faster than other risk assets. He underlined that this massive selling is not a crypto-specific problem, but is more influenced by macroeconomic factors.

Kravchunovsky also added that in the next few days, we will probably see a separation between crypto movements and traditional stocks, as we saw in 2020. 

At the time, cryptocurrencies showed a much faster and more striking recovery from the pandemic-driven downturn compared to traditional stock markets, and something similar may be the case this time.

Bitcoin Price Begins to Recover

Based on data from CoinGecko, on August 5, 2024, the price of Bitcoin plummeted to $49,221. However, in early trading in Asia on August 6, the price had recovered back above $56,000. 

This sharp decline follows a similar pattern to 2019 when the market surged in the first half of the year, only to suffer a major correction in the second half.

Read Also: Chance of Bitcoin Price Returning to Zero or Rising to $1 Million Level

Bitcoin Price Today on Bittime

Source: Bittime.com

Based on today's Bittime market, Bitcoin (BTC) rose 4.48% in 24 hours. When this article was written, BTC was trading at IDR 895,475,592.

Read Also: Bear Market, Focus Portfolio on Bitcoin and Ethereum Asset Merger

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.