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People who run a significant crypto exchange say that the next bitcoin bull run won't start until the end of 2024

In the opinion of Huobi's co-founder, a bull market in Bitcoin may not occur until the end of 2024 or the beginning of 2025, based on previous price cycles.

For Du Jun, the halving procedure is a significant factor in bitcoin's bull market cycles. Some so-called miners use powerful computers to solve complicated mathematical riddles and validate transactions on the bitcoin network. As a result, bitcoin is given to the miners. When bitcoin hit an all-time high of $68,000 in 2021, the last halving happened in May 2020. As recently as 2016, an issue comparable to this one occurred. It was a record-breaking year for bitcoin as it hit a new all-time high in 2015.

After these two highs, the price of bitcoin dropped. Bitcoin is down by roughly 40% from its November high at the time of writing. However, it is still significantly higher than some of January's lows. In 2024, the following half-size reduction will take place.

According to this pattern, we won't be able to welcome the next bull market on bitcoin until late 2024 or early 2025.

As a result of the recent price decline in cryptocurrencies, some market participants fear that a "crypto winter," or an extended period of bearishness, is imminent. During these times, Bitcoin may trade sideways.

 

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