As said by the co-founder of crypto exchange Huobi, Du Jun, in an interview with CNBC, previous price cycles indicate a new bull market for Bitcoin may not occur until late 2024 or early 2025.
According to him, Bitcoin price cycles are closely related to halvings, or reductions in the block reward built into the algorithm, which occur every four years typically.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The last halving took place in May 2020, and the following year, the price of the crypto reached an all-time high above $68,000. Du has recalled that a similar price movement was observed after 2016, when Bitcoin reached record highs in December 2017.
In both cases, deep drops in the price of the crypto followed. At the moment, Bitcoin is trading below $40,000, which means that the price of the crypto has fallen approximately 42% from the peak. Du has said:
"If this circle continues, we are now at the early stage of a bear market."
According to the trend, he expects Bitcoin to be bullish only after the next halving in 2024.