Historical Record Suggests Bitcoin Bear Market Is Just Getting Started, Says Huobi Co-Founder
A top executive at crypto exchange platform Huobi says that top digital asset Bitcoin (BTC) might not see bullish action for years.
In a new interview with CNBC, Huobi co-founder Du Jun says that the crypto markets operate in four-year cycles, and that bear markets tend to follow bull markets that are caused by Bitcoin halving.
According to Jun, Bitcoin’s historical four-year pattern suggests we are in the early stages of an elongated bear market.
“In crypto, there is a cycle or a curse every four years, and this echoes with halving in Bitcoin. In 2021, [Bitcoin halved], and in 2013, there was a bull market when the value rose from $20 to almost $2,000 in 2013. It was a bear market after that.
Then 2016 halving led to the second bull market in October 2017, when Bitcoin was valued at almost $20,000. In 2020, the third halving led to the third bear market in 2021. If this cycle continues, we are now at the early stage of a bear market.”
Halving is when the mining rewards for a crypto asset are cut in half, impacting its supply. Halving generally occurs every four years.
According to Jun, the pattern of this cycle implies that Bitcoin won’t be in a bull market until late 2024 or early 2025.
“Following this cycle, it will be until [the] end of 2024 to the beginning of 2025 that we can welcome the next bull market on Bitcoin.”
Bitcoin is exchanging hands at $38,871 at time of writing, a 12.5% decrease from its seven-day high of $44,574.
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Author: Daily Hodl Staff
