May 31, 2023

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We are in the early stage of the Bitcoin Bear market, a rally expected in 2024 – Markets & Prices Bitcoin News

Co-founder of crypto exchange Huobi shared his views on the current state of the Bitcoin market and when the next upside trend will be. “We are now in the early stage of a bear market,” he said, predicting that the next bitcoin bull market will be at the end of 2024 or the beginning of 2025.

Huobi CEO In The Next Bitcoin Bull Market

Du Jun, co-founder of crypto exchange Huobi, discussed when the upcoming bitcoin bull market will launch in an interview with CNBC published on Sunday.

The exchange’s CEO explained that the bitcoin bull market is closely linked to the halving, which occurs every 210,000 blocks or roughly every 4 years. The next stage will take place in 2024.

He explained that the last halving occurred in May 2020, and Bitcoin broke its all-time high above $68,000 in 2021. Likewise, the halving that occurred in 2016 saw BTC to reach a record level the following year. Then the price of Bitcoin fell after hitting record levels.

Noting that bitcoin has fallen 40% since its all-time high in November last year, Du was quoted by the news agency as saying if the pattern continues:

We are now in the early stage of a bear market… After this cycle, we will not be able to welcome the next bull market on Bitcoin until the end of 2024 until the beginning of 2025.

However, he admitted: “It’s really hard to predict exactly because there are many other factors that can affect the market as well – such as geopolitical issues including the war, or the recent Covid, also affecting the market.”

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A number of people believe we are in a crypto winter, including analysts at Switzerland’s largest bank, UBS, who recently warned that encryption winter Amid expectations of a Fed rate hike and regulation. Last week, veteran trader Peter Brandt also noted that Bitcoin price corrections “could be Long. “

What do you think of Huobi co-founder’s comments? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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