Huobi co-founder, Du Jun has expressed his conviction that in view of market realities and projections, Bitcoin may not be able to attract high value until the end of 2024 or early 2025.
In an interview on CNBC, Jun said the digital assets community may not experience another bull market until in the next three years, adding that “we are now at the early stage of a bear market.”
“Following the past market cycle, it won’t be until the end of 2024 to the beginning of 2025 that we can welcome next bull market on bitcoin,” the Huobi co-founder stated, as he maintained that the digital asset price has a close relationship with the process of halving.
What you should know about Bitcoin and halving
Halving is a part of Bitcoin’s underlying code that cuts the Bitcoin miner rewards to half and increases the complexity of mining new Bitcoins.
Previously, Bitcoin halving happened in 2012, 2016, and 2020 and the digital assets community has seen the Bitcoin price rally in the very next year of halving. But following the peaks, the Bitcoin price tumbled significantly.
For a while now, Bitcoin price has been struggling to stay above $40,000. Over the weekend, the crypto price took a momentary dive under $38,000 before recovering back once again above $39,000.
