• Du Jun, the co-founder of Huobi, believes that the next Bitcoin halving would not occur earlier than the end of 2024. 
  • Jun believes that we are currently at the early stage of a bear market. 
  • Analysts have noted a rise in short-term holders driving Bitcoin volatility as whales reduce their positions. 

The co-founder of one of the largest cryptocurrency exchanges believes that the Bitcoin bear market is in, and the next bull run would not occur before the end of 2024. The rising geopolitical tension acts as a catalyst for Bitcoin price drop. 

Du Jun believes Bitcoin bear market is here 

Du Jun, the co-founder of Huobi, believes that the next bull run would occur in the end of 2024 or early 2025. This coincides with the next Bitcoin halving, scheduled for 2024. Jun based his hypothesis on the previous Bitcoin cycles. 

Jun was quoted as saying,

If this circle continues, we are now at the early stage of a bear market. It is really hard to predict exactly because there are so many other factors which can affect the market as well […] Following this cycle, it won’t be until the end of 2024 to beginning of 2025 that we can welcome the next bull market on Bitcoin.

The last Bitcoin halving occurred in March 2020, and the next one is approaching fast. With each halving event, Bitcoin’s mining reward is slashed in half with every halving, and supply shrinkage is followed by price rally each time. 

Bitcoin’s 2022 price slump has imbibed a fear of “crypto winter” among market participants. In crypto winters, Bitcoin price suffers a drop of nearly 80% from its highs. 

Analysts believe that the bearish period presents an opportunity for investors to accumulate the asset. Crypto intelligence firm Into The Block revealed that long-term investors remained unfazed while short-term investors continued to drive Bitcoin price volatility. 

Bitcoin wallet addresses that are less than one month old contributed to the rise in volatility in tandem with the price action. 

FXStreet analysts noted that Bitcoin price maintained strong support going into the weekend. Analysts revealed a bullish outlook on Bitcoin price. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why LUNA traders do not have to be in the market all the time

Why LUNA traders do not have to be in the market all the time

Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.

More Terra News

SEC vs. Ripple case, two key decisions awaited by XRP holders

SEC vs. Ripple case, two key decisions awaited by XRP holders

XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple. 

More Ripple News

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC price explodes as Polygon achieves Carbon neutrality

MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and 

More Polygon News

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Things have suddenly changed for the Shiba Inu price, is the bottom in?

Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart. 

More Shiba Inu news

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP