We’re at Early Stage of Bitcoin Bear Market, Next Bull Run Expected in 2024 – Markets and Prices Bitcoin News

Huobi’s co-founder shared his views on the state of bitcoin and the timing of the next bull market. “We are now at the early stage of a bear market,” he said, expecting the next bitcoin bull market to be around the end of 2024 or the beginning of 2025.

Huobi’s Executive on the Next Bitcoin Bull Market

Du Jun was the founder of Huobi’s cryptocurrency exchange. He spoke to CNBC about what the future bitcoin bull markets might look like in an interview that was published on Sunday.

An exchange executive stated that the bitcoin bull market is closely connected to the halving. It occurs roughly every 210,000 blocks, or about every 4 years. This will be the 2024 halving.

According to him, the most recent halving was in May 2020 and Bitcoin reached an all time high of over $68,000 by 2021. The 2016 halving saw BTC hit a new record. After hitting records highs, bitcoin’s price plummeted.

Du said that Bitcoin had fallen 40% in the past year after its November high.

We are now at the early stage of a bear market … Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin.

Nonetheless, he admitted: “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, also affect the market.”

A number of people believe that we are in a crypto winter, including the analysts at Switzerland’s largest bank, UBS, who recently warned of a crypto winter amid expectations of Fed rate hikes and regulation. Last week, veteran trader Peter Brandt also pointed out that bitcoin’s price corrections “can be lengthy.”

What do you think about the Huobi co-founder’s comments? Please leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.