The co-founder of Huobi, one of the world’s largest cryptocurrency exchanges, Du Jun, said that the price of Bitcoin It may not start a new upward curve until late 2024 or early 2025, if we stabilize its history.
He attributed the reason to the fact that the Bitcoin bull market is closely related to a process called halving, which occurs every few years, according to what he mentioned to CNBC and seen by Al Arabiya.net.
Halving refers to the Bitcoin halving period, the process in which Bitcoin mining rewards are halved, as cryptocurrency miners run powerful specialized computers to solve complex mathematical puzzles to validate transactions on the Bitcoin network, in exchange for getting paid. Units of cryptocurrency as a reward.
Halving is written into the Bitcoin core code and halves approximately every four years.
The last time the halving occurred was in the latter halving in May 2020, and in 2021, Bitcoin broke its all-time high above $68,000. The previous time was in the middle of 2016. The following year, it reached a record high of regarding $20,000 at the time.
After both peaks, Bitcoin has plummeted violently, and currently, it is down nearly 40% from its November high, with the next event for the retaliation expected to be in 2024.
“If this cycle continues, we are now in the first stage of a bear market,” Du said.
“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 corona waves, and they are also affecting the market,” he added.
