Du Jun, the Huobi co-founder, predicted that the Bitcoin (BTC) bear market has already started. He also added that the following bull run will start in 2024. DU Ju’s idea is simple on this, Bitcoin (BTC) halving had taken place back in 2020 and said that we are already in the two years in the cycle. This shows that $69,000 could be the top and the latest correction is the beginning stage of the full-fledged bear market.
He also said in a recent interview with CBCD, the possibilities of the bear bitcoin market. His first and foremost point of view on this was about the halving that will be taking place in 2024, and how this will be a new beginning for the subsequent bull run.
Du Jun compared the bull run with the one that happened in 2016 when the halving occurred and how the price extended to new ATH in the next year. Currently, the price has been corrected by almost 50% and is trading at around $36,700.
After evaluating all the information and data, he concluded that we will not see any bull run before 2025 or earliest. However, there is an issue that not all the indicators imply that we are currently in a bear run.
Nevertheless, the market has seen an extreme evolution ever since 2016 so it will not be ideal to compare these two different cycles. This means that right now is the best time to buy crypto and wait for it to gain value in the next few years.