Du Jun, Huobi, co-founder, says that due to the halving cycles, there will be no bitcoin bull run until 2024.
He believes the halving events affect the bitcoin market cycles. He said, “Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin.”
The halving cycle affecting the bitcoin bull run
The reward received by so-called miners for validating transactions on the cryptocurrency network is cut in half by an underlying code called halving.
The so-called miners run powerful specialized computers for complex mathematical puzzles to validate bitcoin network transactions.
The halving cycle occurs roughly once every four years. The last halving took place in May 2020. In 2021 bitcoin reached an all-time high above $68,000.
Furthermore, after the halving in 2016, bitcoin hit a record high in 2017.
According to a CNBC translation of his comments in Mandarin, Du said, “If this circle continues, we are now at the early stage of a bear market.”
The recent slump in cryptocurrency prices
Du also said, “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.”
Furthermore, he said, “Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin.”
Moreover, the so-called “crypto winter” has left investors puzzled as the period of bearishness continues and crypto prices dip.
Bitcoin slumped from its record high in November to nearly 40% currently. However, the next halving event would occur in 2024. Cryptocurrency experts believe that the next bitcoin bull run will benefit several investors.