Bitcoin declined by a very similar amount after the 2016 halving

lupafilotaxia (75)in Project HOPE • last month

Corresponding to information released by Martin Young, "Bitcoin's drop since the April 2024 halving is starting to resemble the market moves prior to the 2016 bull run, according to veteran trader Peter Brandt"

Brandt said that BTC's "decline since halving is now similar to that of the 2015-2017 halving bull market cycle," and compared the depth of market corrections since the halving dates, noting that they were very similar.

On the other hand, it is important to note that "In 2016, Bitcoin's halving was on July 9 and the price of the asset that day was USD 650. Markets pulled back during that cycle to a subsequent low of USD 474 in a 27% drop after halving within a month, before soaring to a cycle high of USD 20,000 in December 2017"

In this sense and according to Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, who commented in a note to Cointelegraph that we could see cryptoassets recover much faster than other risk assets, as happened in 2020.

For Kravchunovsky, "Back then, cryptocurrencies had a much faster and steeper recovery after the pandemic-driven collapse compared to traditional stock markets, and we could see something similar this time around."