Huobi co-founder predicts the next Bitcoin bull run would occur in 2024
- 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.
Short-term holders continue to be the main driver of $BTC volatility.
— IntoTheBlock (@intotheblock) February 21, 2022
While long-term holders remain unfazed, the balance held by traders - addresses <1 month, are moving almost in tandem with the price action.
Since Feb 14, they decreased their holdings by 8.7% to 1.55m BTC pic.twitter.com/KkSc7He3EL
FXStreet analysts noted that Bitcoin price maintained strong support going into the weekend. Analysts revealed a bullish outlook on Bitcoin price.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
