Huobi’s co-founder Du Jun
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.