Will Bitcoin Prices Rise? The Price Plunge Resembles the "2016 Halving Cycle"

Bitcoin's price has seen a significant drop post-halving, echoing the patterns observed in the 2016 halving cycle.

As experts draw parallels between the two cycles, there's rising speculation about whether BTC has hit its bottom and is poised for a new bull market.

Discover the detailed analysis from veteran trader Peter Brandt and why some analysts are expecting Bitcoin prices to double in the next few months.

Possible Bottom for BTC Price After the Recent Drop

Bitcoin (BTC) experienced its fourth halving on April 20, 2024, and has not seen significant price increases since. On the 5th of this month, the price plummeted to around $50,000, raising expectations of a potential return to a full-fledged bull market in the near future.

According to veteran trader Peter Brandt, known for accurately predicting the 2018 Bitcoin crash, the current post-halving decline mirrors the bullish halving cycle observed between 2015 and 2017.

Brandt has posted images summarizing Bitcoin's price movements during the past four halving seasons. These summaries include details on the duration of bull market cycles, halving dates, end-of-week closing prices during halving weeks, subsequent lowest prices, post-halving decline rates, hurdles to new highs, and the number of weeks to reach new cycle highs.

The decline rate after the July 9, 2016, halving was 27%, while the rate after the 2024 halving has already reached 26%. This suggests that Bitcoin may have hit its bottom in the current halving cycle.

Will Prices Rise as in 2016?

After the July 2016 halving, Bitcoin's price dropped to around $474 but surged to $20,000 by December 2017 during the subsequent bull market.

In the 2016 halving, Bitcoin's price rose sharply before the halving and then plunged right after. If the same pattern holds, the 2024 halving could see a similar movement.

Some analysts warn of further Bitcoin price drops, suggesting that caution is still necessary. However, the inflow of funds into Bitcoin spot ETFs continues, and moves to purchase BTC at a national level are also expanding, heightening expectations for a long-term price increase.

Prominent analysts have also predicted that Bitcoin prices could double in the next three to five months, drawing significant attention to price movements in the coming months.

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