According to Du Jun, one of the founders of Seychelles-based crypto exchange platform Huobi, Bitcoin may not see a bull market until late 2024 or early 2025. The co-founder of one of the world’s largest exchange platforms explained that the Bitcoin bull market is prone to a process he termed “halving” and said this is expected to happen every few years as Bitcoin experiences bull markets.
Everyone, including investors, enthusiasts and adversaries, knows about the fluctuations that Bitcoin faced last year. Bitcoin started last year with adoption from companies like Tesla, PayPal, Apple Pay, etc., and no one envisaged that Bitcoin would have moments of downturns in 2021. Bitcoin started the year trading at above $20,000 and ended the year trading at $46,306.45. In 2021, however, it hit an all-time high of $69,000 and have fallen to half and a little above half its all-time high price after setting the record. This is what Du Jun means by “halving”. This also occurred in 2016 when Bitcoin hit a new record high before halving.
Bitcoin which is currently trading at $38,304.00 (as of the time of this draft) is down about 40 percent from its November high of $69,000. Following what Huobi’s co-founder explained, the next halving event for Bitcoin should take place in 2024. “If this continues, we are now at the early stage of a bear market”, an English translation of what he said in Mandarin reads.
“It is really hard to predict exactly because there are so many other factors which can affect the market as well — such as geopolitical issues including war, or recent Covid, also affect the market. Following this cycle, it won’t be until the end of 2024 to the beginning of 2025 that we can welcome the next bull market on bitcoin”, he added.
Investors are worried about the recent trends in the crypto market and while both good and bad predictions have come for the world’s largest cryptocurrency this year, investors seem to expect a long period of bearishness.
University of Sussex’s professor of finance Alexandar Carol predicts Bitcoin falling as low as $10,000 this year. Other crypto experts, enthusiasts and exchange executives think the cryptocurrency can hit a new all-time high this year. For instance, the CEO of Swiss digital asset bank Seba said the price of Bitcoin could reach $75,000 on the basis that more institutional investors will give the cryptocurrency a warm embrace this year.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
