Huobi Co-Founder: We’re at Early Stage of Bitcoin Bear Market, Next Bull Run Expected in 2024
The co-founder of crypto trade Huobi has shared his view concerning the present state of the bitcoin market and when the subsequent bull run will likely be. “We are actually on the early stage of a bear market,” he stated, anticipating the subsequent bitcoin bull market to be across the finish of 2024 or the start of 2025.
Huobi’s Executive on the Next Bitcoin Bull Market
Du Jun, co-founder of cryptocurrency trade Huobi, mentioned when the subsequent bitcoin bull market is perhaps in an interview with CNBC, printed Sunday.
The trade govt defined that bitcoin bull markets are intently tied to the halving, which happens each 210,000 blocks or roughly each 4 years. The subsequent one will happen in 2024.
He detailed that the final halving happened in May 2020, and bitcoin topped an all-time excessive above $68,000 in 2021. Similarly, the halving that happened in 2016 noticed BTC hitting a file excessive the next yr. The value of bitcoin then tumbled after hitting file highs.
Noting that bitcoin has fallen about 40% since its all-time excessive in November final yr, Du was quoted by the information outlet as saying if the sample continues:
We are actually on the early stage of a bear market … Following this cycle, it gained’t be till finish of 2024 to starting of 2025 that we are able to welcome subsequent bull market on bitcoin.
Nonetheless, he admitted: “It is admittedly laborious to foretell precisely as a result of there are such a lot of different elements which may have an effect on the market as nicely — resembling geopolitical points together with battle, or current Covid, additionally have an effect on the market.”
A lot of folks consider that we’re in a crypto winter, together with the analysts at Switzerland’s largest financial institution, UBS, who just lately warned of a crypto winter amid expectations of Fed charge hikes and regulation. Last week, veteran dealer Peter Brandt additionally identified that bitcoin’s value corrections “may be lengthy.”
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