Senior trader Peter Brandt said that Bitcoin's decline since the April 2024 halving is beginning to resemble the market trend before the 2016 bull market. In an article on August 5th, Brandt said, "Bitcoin's decline since halving is now similar to the 2015-2017 halving bull market cycle." He compared the depth of market adjustment since the halving date and pointed out that the two are very similar. In 2016, Bitcoin halved on July 9th, and the asset price that day was $650. In this cycle, the market fell to a subsequent low of $474, down 27% in one month, and then soared to a high of $20,000 in December 2017. Similarly, Bitcoin recently fell to $0.05 million, down 26% from $64,962 after halving. However, some analysts also warned that Bitcoin may further decline. ITCCrypto founder Benjamin Cowen said in an article on X that the current pattern reflects the situation in 2019, when the market surged in the first half of the year and then dropped sharply in the second half.