The co -founder of Huobi predicted Bitcoin’s bear market until the end of 2024
The previous price cycles indicate that the new bull market for bitcoin may come no earlier than the end of 2024 or early 2025. This opinion was expressed in an interview with CNBC by the co -founder of the Huobi Exchange Du Zyun.
According to him, the price cycles of Bitcoin are closely related to halvings – in the algorithm of periodic reductions, twice awards for the block, which occur approximately every four years.
The last halving took place in May 2020, and next year the quotes of the first cryptocurrency reached a historical maximum above $ 68,000. A similar price movement was observed after 2016. Bitcoin reached record levels in December 2017, reminded the Du.
In both cases, deep falls of the course of digital gold followed. At the time of writing, the flagship is traded at marks below $ 40,000 – the price fell approximately 42% of the maximum.
“If this cycle continues, now we are at the early stage of the bear market,” said Du.
Based on the trend, he expects Bitcoin’s bull trend only after the next halving in 2024.
“In fact, it is difficult to predict for sure, since there are many other factors that can affect the market, such as geopolitical problems, including the war, or the recent Covid,” he added.
Recall that in January, Glassnode analysts based on the Bitcoin onchain-metrics ascerted the onset of Sino Global Capital a bear trend of the price of the first cryptocurrency.