Huobi, the co-founder of crypto exchange Huobi, has expressed his views on the current state and future prospects for the bitcoin market. “We are now at the early stage of a bear market,” he said, expecting the next bitcoin bull market to be around the end of 2024 or the beginning of 2025.

Huobi’s Executive for the Next Bitcoin Bull Market

Du Jun was interviewed by CNBC about when the next bull market in bitcoin might occur.

The exchange executive explained that bitcoin bull markets are closely tied to the halving, which occurs every 210,000 blocks or approximately every 4 years. The next one will take place in 2024.

He detailed that the last halving took place in May 2020, and bitcoin topped an all-time high above $68,000 in 2021. Similarly, the halving that took place in 2016 saw BTC hitting a record high the following year. After hitting record highs, bitcoin’s price plummeted.

Noting that bitcoin has fallen about 40% since its all-time high in November last year, Du was quoted by the news outlet as saying if the pattern continues:

We are now at the early stage of a bear market … Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin.

However, he acknowledged that it was difficult to predict precisely because so many factors can also affect the market .”

A number of people believe that we are in a crypto winter, including the analysts at Switzerland’s largest bank, UBS, who recently warned of a crypto winter amid expectations of Fed rate hikes and regulation. Last week, veteran trader Peter Brandt also pointed out that bitcoin’s price corrections “can be lengthy.”

What do you think about the Huobi co-founder’s comments? Please leave your comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused by or in connection to the content, goods, or services mentioned here.

Read More