The next Bitcoin bull run will occur no sooner than 2024 or early 2025 according to the co-founder of Huobi exchange, Du Jun. In an interview with CNBC, he noted that his opinion is based on the Bitcoin halving technique which takes place about every 4 years when 210.000 blocks are mined.
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BTC miners approve transactions and they get rewards in return. In halving, the block rewards are cut in half along with the speed at which new coins enter circulation. This way, the BTC network achieves inflation till all the coins are issued.
Data show that after the last halving in May 2020, Bitcoin set an all-time high, going above $68.000. The same trend was after the 2016 BTC halving, as the next year the coin hit a record high.
Du Jun said if this circle is going on at the moment, we have entered a bear market. However, the Huobi co-founder mentioned that predicting market trends precisely is extremely hard. There are a plethora of factors that can impact price movements such as geopolitical conditions or diseases like Coronavirus.
At the moment, Bitcoin trades at around $37.500. In the last 7 days, the price of the coin dropped by 15%. Bitcoin’s market cap stands at above $712.6 billion.