Huobi Co-Founder Says Next Bitcoin Bull Run Could Be 3 Years Away
According to Huobi co-founder Jun Du, Bitcoin is unlikely to experience a strong bull run until 2025.
His analysis is based on certain crypto specialists’ assumption that the coin’s current run is coming to an end.
Surprisingly, Du has always aligned with Bitcoin’s bull run history.
The asset’s value reached as high as $69,000 during the 2020 bull run, which ended months before the mining reward was reduced from 12.5 BTC to 6.25 BTC.
Bitcoin Bull Run: 2025However, Bitcoin has lost more than 40% from its previous peak. To put this in context, Bitcoin’s last bull run in 2018 saw the coin register a high of $20,000 before plummeting by more than 80%.
Du said a bull market happened between 2017 and 2021, and the next one is expected to come roughly a year after the 2024 halving. The theory is that by halving the supply, the price will rise.
Why Is Halving Important To Bitcoin?A crucial part of bitcoin is halving, which refers to half the amount of money that so-called miners get as compensation for confirming transactions.
According to crypto specialists, the past two halvings occurred in 2016 and 2020, with the next one scheduled in 2024.
Given that both cryptocurrencies and tech stocks were lifted by central bank stimulus over the prior two years, the Federal Reserve’s intentions to hike interest rates sharply in 2022 have impacted both asset classes hard.
BTC total market cap at $713.715 billion in the daily chart | Source: TradingView.comRelated Article | 2022: The Year The Secular Bitcoin Bull Run Could End
Today’s Bitcoin Price AnalysisBitcoin is currently trading at $37,643 and is still falling as of Tuesday, having breached the lower channel’s boundaries.
At the time of writing, Bitcoin had a market capitalization of $733,333,837,513. The crypto’s moving averages show a short-term bearish trend.
It has a present low of $36,488.93 and a high of $39,148.64, with an 81.48% trading volume reaching 33 billion.
Bitcoin’s price tumbled to new lows during Tuesday’s trade, falling as low as $37,200, a level it last reached on February 4.
Market observers expect Bitcoin to enter a bear market, with the subsequent significant rise not coming until late 2024 or early 2025.
Winter Is ComingAnalysts predict that Bitcoin’s current negative phase allows investors to accumulate it. According to a leading crypto intelligence firm, long-term investors were unaffected, but the short-term ones continued to drive Bitcoin’s price volatility.
Meanwhile, some investors believe that another “bitcoin winter” — when prices plummet and do not recover for a year or more — is nearing.
Bitcoin plunged from around $20,000 to below $4,000 during the last winter, between late 2017 and the middle of 2019.
Related Article | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run
Featured image from BlockPublisher, chart from TradingView.comRead more: https://www.newsbtc.com/crypto/huobi-co-founder-says-next-bitcoin/
Text source: NewsBTC
