With the continued volatility in the cryptocurrency market, investors are wondering when the next Bitcoin (BTC) bull market will occur.
CNBC’s Arjun Kharpal interviewed Du Jun, co-founder of leading cryptocurrency exchange Huobi. Jun shared his thoughts on when the next BTC bull market will occur. According to
Jun, there is a cycle in which Bitcoin’s value is halved every four years; This is followed by the bull market and then the bear market. Jun made the following statements in his speech;
“Crypto cycles every four years and this resonates with Bitcoin halving. In 2012 half of Bitcoin went into circulation and there was a bull market when the value rose from $20 in 2013 to almost $2,000 in 2013. It was a bear market after that. The third halving in 2020 led to the third bull. In 2021, the price of Bitcoin rose from around $3,000 to $70,000.
“Bitcoin Bull Market is Hard to Predict”
Additionally, the Huobi co-founder explained what exactly a bull market is due to many factors that can affect the market. He said it is difficult to predict when it will happen. Jun continued his words as follows;
“If this cycle continues, we are now in the early phase of a bear market.”
In Jun’s thinking, he predicts that the next Bitcoin bull cycle will be at the end of 2024 or the beginning of 2025 if Bitcoin continues to follow the halving pattern that parallels the bull market every four years. Jun added:
“It is really difficult to predict precisely because there are so many factors affecting the market as well, such as geopolitical issues like the war and the recent Covid-19. After this cycle, it won’t be until late 2024 to early 2025 that we meet the next bull market in Bitcoin.”
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