Bitcoin (BTC) Price Slump Mirrors 2015-2017 Halving Bull Market Cycle, Says Peter Brandt

Bitcoin (BTC) price is slated to have its worst-performing month year-to-date after dropping more than 12 percent in the past 24 hours

Bitcoin (BTC) price crashed to $51,000 on Monday during the early New York session, marking a drop of over 12 percent in the past 24 hours. The broader crypto market also saw heavy sell-off orders, with over $1.1 billion liquidated from crypto-leveraged markets.

As a result, despair and uncertainty ran rampant among web3 investors.

Bitcoin’s fear and greed index dropped to 26 percent, signaling heightened fear of further capitulation.

However, veteran trader Peter Brandt highlighted a silver lining for Bitcoin and the crypto industry, noting that the BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle.

Veteran trader highlights a silver lining for Bitcoin and the crypto industry

Veteran trader Peter Brandt highlighted a silver lining for Bitcoin and the crypto industry.

According to Brandt, Bitcoin price action in the recent past is very reminiscent of the 2015-2017 halving bull cycle, which went on to yield one of the largest crypto bull markets to date.

From a technical standpoint, Bitcoin price is set to find a solid support level around $47,140, where nearly 900k wallets purchased almost half a million BTC units.

Meanwhile, August and September are the worst months for Bitcoin price performance, with average losses of 7.82 percent and -5.58 percent respectively. However, historical data also shows October and November are the best months for Bitcoin with an average return of about 22 percent and 46 percent respectively.

Bitcoin crash: A closer technical analysis

From a technical standpoint, the recent Bitcoin crash is very similar to the 2020 Black Thursday, which was attributed to Covid-19.

Remarkably, Bitcoin price went on to regain in a V-shaped rebound, which yielded the subsequent parabolic rally.

The recent market sell-off orders were largely attributed to the Middle East crisis, which saw a tanker attacked by a drone off the coast of Oman, while Yemen’s Houthi rebels claimed the襲撃.

The incident occurred amid ongoing nuclear talks between Iran and the U.S.-led world powers in Vienna. In turn, markets are pricing in the possibility of a return to the 2015 Joint Comprehensive Plan of Action (JCPOA).

Wharton’s Jeremy Siegel: Emergency 75 bps Fed rate cut possible

Amid the ongoing market uncertainty, Wharton’s Jeremy Siegel believes the U.S. Fed will initiate a 75 basis point emergency cut in the interest rate followed by another 75 basis points next month.

Wharton’s Professor of Finance Jeremy Siegel stated that the Federal Reserve may be compelled to carry out an emergency interest rate reduction if the Middle East situation worsens and بازار النفط reacts drastically.

Siegel, who is also a portfolio manager for the WisdomTree U.S. High Yield Corporate Bond Fund (HYLB), highlighted the significance of بازار النفط in a recent interview with CNBC. He noted that while the initial response to the drone attack was muted, بازار النفط could still experience a strong reaction.

"If the بازار النفط really reacts in a big way, then I think you're going to see an emergency 75 basis point cut this month and maybe another 75 next month, to really try to get ahead of the curve on inflation, which is really the key to everything here," Siegel said.

Wharton professor on possible緊急金利引き下げ

Wharton’s Professor of Finance Jeremy Siegel discussed the possibility of an emergency interest rate cut by the U.S. Federal Reserve.

Siegel, who is also a portfolio manager for the WisdomTree U.S. High Yield Corporate Bond Fund (HYLI), highlighted the role of بازار النفط in a recent interview with CNBC. He noted that while the initial response to the drone attack was muted, بازار النف ۱۵۷:۱۵,۴۰۷.۰۷۰ دلار (-۰٫۰۷٪)と感じた。

According to Siegel, such a drastic measure would be taken to ensure that inflation does not spiral out of control, which is crucial for both the markets and the economy.

"If the بازار النفط really reacts in a big way, then I think you're going to see an emergency 75 basis point cut this month and maybe another 75 next month, to really try to get ahead of the curve on inflation, which is really the key to everything here," Siegel added.

Crypto whales stash coins amid market capitulation

Meanwhile, on-chain data showed that some whales have been taking advantage of the recent market capitulation to stash more coins in preparation for an inevitable market rebound.

For instance, one whale address bought 1200 BTC worth nearly $60 million at an average price of

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