Du Jun, the co-founder of Huobi, believes bitcoin may have its next bull run in late 2024 or the beginning of 2025. Highlighting the popular cryptocurrency’s past price cycles, he said the bitcoin bull runs are closely tied to a process called halving. This process occurs every few years.
Du says it relates to miners on the bitcoin network. Halving is imprinted into the bitcoin’s underlying code and cuts the reward in half that the miners get for solving complex mathematical puzzles to validate transactions on the bitcoin network.
According to analysts, the last halving occurred in May 2020 and in 2021 when BTC surpassed the $68,000 mark. It has also occurred in 2016. However, Du pointed out that it’s hard to predict exactly due to the many factors affecting the market, including geopolitics and war, and most recently, the global health crisis.
Bitcoin is currently sitting nearly 40% high off its record-high from November 2021. Du said if this circle continues, the digital asset is at the early stage of a bear market. He added that it won’t be until 2024-end to the beginning of 2025 that enthusiasts can welcome the next bitcoin bull market.
Experts describe a bull run as a peak or ripe market period when the prices of a certain asset are on a constant rise. The price rise is a result of multiple market factors such as demand, volatility, and market valuation.
