Throughout his latest interview with CNBC on Sunday, February 20, Huobi CEO Du Jun stated that he’s NOT anticipating one other Bitcoin bull run by the late 2024 or early 2025. CEO Jun stated that the present Bitcoin chart patterns are much like previous Bitcoin halving cycles and consider that the BTC value is intently connected to the method of halving, which happens as soon as each 4 years.
Halving is part of Bitcoin’s underlying code that cuts the Bitcoin miner rewards to half and will increase the complexity of mining new Bitcoins. Beforehand, Bitcoin halving occurred in 2012, 2016, and 2020 and now we have seen the BTC value rally within the very subsequent yr of halving. However following the peaks, the Bitcoin value tumbled considerably.
Lately, the Bitcoin value has been struggling to remain above $40,000 for some time. Over the weekend, the BTC value took a momentary dive underneath $38,000 earlier than recovering again as soon as once more above $39,000.
The worldwide macros like rate of interest hikes and the Russia-Ukraine disaster have been placing extreme strain on shares and crypto and analysts consider that the BTC value can additional take a dive underneath $30,000. Speaking about this, the Huobi CEO said:
It’s actually onerous to foretell precisely as a result of there are such a lot of different components which might have an effect on the market as effectively — akin to geopolitical points together with warfare, or latest Covid additionally have an effect on the market”.
We Are At An Early Stage of Bear Market
Huobi CEO Du Jun’s observations are right in a approach and now we have seen the Bitcoin value right greater than 40% from its all-time excessive of $69,000 in November 2021. Usually Bitcoin has adopted a multi-year bear cycle after a large bull run. Du Jun says:
“If this circle continues, we are actually on the early stage of a bear market. Following this cycle, it received’t be till finish of 2024 to starting of 2025 that we are able to welcome subsequent bull market on bitcoin.”
The Huobi CEO is just not alone as many analysts consider that we’re at first of a brand new “crypto winter”. It is going to be attention-grabbing to observe whether or not if the crypto market follows fairness or manages to decouple from it.
Disclaimer
The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
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