Huobi Co-founder Claims Next Bitcoin (BTC) Bull Run in Late 2024
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- Since 2021, BTC has successfully maintained the $29,000 price level.
- Each halving has consistently resulted in a surge in Bitcoin’s value.
According to Huobi’s co-founder, Bitcoin’s next Bull Run may not occur until late 2024 or early 2025. When speaking with CNBC, Du Jun cautioned that BTC’s halving cycle is still negatively impacting the digital asset’s performance.
While some crypto experts have previously claimed the price of Bitcoin was no longer affected by halving occurrences, this has since been shown to be incorrect. When Bitcoin fell from $69,000 to $33,000 in less than three months, expectations that bull runs would last longer were shattered, and its performance continues to be hampered by several issues.
Du also mentioned:
“If this circle continues, we are now at the early stage of a bear market. 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.”
Crypto Winter Haunts Industry
Thanks to a cutting-edge concept called halving’s, more than 90% of all Bitcoin will ever be in circulation. Each halving has consistently resulted in a surge in Bitcoin’s value, often lasting 12 to 18 months following the halving. On the other hand, the price of BTC shot up substantially considerably sooner after the year 2020. Within six months, it had reached a new record high.
When bull runs are followed by bearish winters, as they often are, like in 2018, Bitcoin’s price plunged by 80% in only 12 months, soaring gains that had propelled the digital asset to reach $20,000 in 2017 were erased Since the beginning of 2021, BTC has successfully maintained the $29,000 price level, but analysts are now worried that a lengthy crypto winter may lead to BTC falling below this price level.
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