Huobi Founder Leon Li Meets With Vladamir Putin Advisor Sergey Glazyev (PRNewsfoto/Huobi)
Huobi CEO Du Jun said in a recent interview with CNBC on Sunday, Feb. 20 that he doesn’t expect another bitcoin bull run until late 2024 or early 2025.
Looking at the current bitcoin chart patterns, CEO Jun says they are currently similar to previous bitcoin halvings. He also specifically believes that the BTC price is closely linked to the halving process that occurs every four years.
Halving is part of Bitcoin’s core code, halving Bitcoin miners’ rewards and increasing the difficulty of mining new Bitcoins. Previously, Bitcoin halvings happened in 2012, 2016, and 2020, and we saw the price of BTC increase in the year after the next halving. After these peaks, however, the price of Bitcoin has fallen significantly.
Recently, bitcoin price has been struggling to stay above $40,000 for a while. Over the weekend, BTC price briefly fell below $38,000 before surging back above $39,000.
Global macros such as interest rate hikes and the Russia-Ukraine crisis are putting strong pressure on stocks and cryptocurrencies, and analysts believe BTC price could fall further below $30,000. The CEO of Huobi said:
“It’s really difficult to make an accurate prediction as there are many other factors that can affect the market – geopolitical issues such as the war or the recent Covid incident are also affecting the market.”
In a way, Huobi CEO Du Jun’s observation is correct, and we find that the Bitcoin price is 40% more accurate than its all-time high of $69,000 in November 2021. Bitcoin generally followed a multi-year downtrend after a big one uptrend. Du Jun says:
“If this cycle continues, we are now in the early stages of a bear market. After this cycle, we won’t see Bitcoin’s next bull market until late 2024-early 2025.”
Huobi CEO is not alone, many analysts believe that we are at the beginning of a new “crypto winter”. It will be interesting to see if the crypto market follows equity or manages to break out of it.
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