Huobi CEO predicts Bitcoin’s next bull cycle will be in 2024
- The CEO of Huobi Global has predicted that Bitcoin will enter a bull market in late 2024 or early 2025.
- Du Jun said that BTC usually enters a bull market after the halving event with the next one happening in 2024.
- The price of Bitcoin has been struggling to hold $40,000, and it is around 40% below its all-time high.
Follow Invezz on Telegram, Twitter, and Google News for instant updates >
Bitcoin’s price has been struggling lately, with the coin barely managing to hold $40,000. While some analysts have said that this bearish flag is short-lived, the CEO of Huobi Global, Du Jun, has said that the next (BTC/USD) bull market will not happen until late 2024 or early 2025.
BTC’s bull market will be in late 2024
In an interview with CNBC, Du Jun said that Bitcoin’s bull market is determined by the halving process. The halving process happens every four years on the Bitcoin network. The process reduces the rewards earned by miners in half.
The halving process last happened in May 2020, and BTC peaked at $69,000 the following year. In 2016, another halving process occurred, and it rallied to a record high. Going by these past indicators, Bitcoin could enter another bull market in 2024 after another halving process.
However, he added that other factors can also determine market bulls. He added,
It is really hard to predict exactly because there are so many other factors which can affect the market as well – such as geopolitical issues including war or recent Covid.
In its past performance, Bitcoin dropped after hitting its peak levels. Currently, BTC’s price is around 40% from the $69,000 ATH created in November. The primary cryptocurrency made a major dip in January as financial markets tumbled.
According to Du Jun, “if this cycle continues, we are now at the early stages of a bear market.” he also noted that going by this cycle, “it won’t be until the end of 2024 to the beginning of 2025 that we can welcome next bull market on Bitcoin.”
The recent performance across the crypto sector has created trader anxiety that crypto winter is looming. Crypto winter is an extended period of market bears. During this period, the market volatility is high, with no significant gains being made. The crypto and stock markets have become more correlated due to increased institutional adoption. The two sectors have been tumbling due to the speculation of the US Federal Reserve raising the interest rates in March to deal with the rising inflation.