With the volatile picture seen in the crypto money market, investors are wondering when the next Bitcoin bull market will start. At this point, Du Jun from the crypto market explained his thoughts.
CNBC's Arjun Kharpal interviewed Du Jun, co-founder of leading cryptocurrency exchange Huobi. Jun shared his thoughts on when the next Bitcoin bull market could happen.
According to Jun, there is a cycle in which Bitcoin's (BTC) value is halved every four years. This is followed by the bull market and then the bear market.
“Crypto cycles every four years and this resonates with Bitcoin halving. In 2012 half of Bitcoin went into circulation and there was a bull market in 2013 when the value rose from $20 to almost $2,000 in 2013. After that, a bear In 2020, the third halving led to the third bull. In 2021, the price of Bitcoin rose from about $3,000 to $70,000."
Huobi co-founder Jun stated that it is difficult to predict exactly when a bull market will occur due to the many factors that can affect the market. Jun "If this cycle continues, we are now in the early phase of the bear market." said.
In Jun's thinking, if Bitcoin continues to follow the halving pattern that parallels a bull market every four years, he predicts the next Bitcoin bull cycle will be at the end of 2024 or the beginning of 2025.
“Exactly it is really hard to predict because there are so many factors affecting the market as well, such as geopolitical issues like war and the recent Covid-19. After this cycle, it won't be until late 2024 to early 2025 for us to meet the next bull market in Bitcoin."