Bitcoin has underperformed since hitting a new all-time high of $69,000 in November 2021.
The crypto-currency market has been in a downward trend for the past four months. Since hitting a new all-time high of $69,044 in November 2021, Bitcoin has lost more than 45% of its value.
The leading crypto-currency is currently trading above $37,000 per coin. According to the CEO of crypto-currency exchange Huobi, Bitcoin’s Bull Run may not happen until 2024 or early 2025.
In an interview with CNBC, Du Jun said that Bitcoin rallies are usually related to the halving event. This is an event where the mining reward is cut in half. The event is usually held every four years, with the last one taking place in 2020.
After the 2020 halving event, Bitcoin’s price reached a new all-time high of $69,000 in November 2021. Du Jun applied this same thinking to predict that the next Bitcoin Bull Run will occur in 2024 or early 2025. He said;
“If this circle continues, we are now at the beginning of a bear market. It’s really hard to predict exactly because there are so many other factors that can also affect the market – such as geopolitical issues, including war, or the recent Covid, also affect the market.
Huobi’s CEO added that:
“As a result of this cycle, it’s not until late 2024 early 2025 that we can welcome the next bull market in bitcoin.”
The broader crypto-currency market has underperformed in recent months. The total market capitalization of crypto-currency reached a record high of $3 trillion in November 2021.
However, it is down by more than 40% and currently stands at around $1.7 trillion. The decline is not just in Bitcoin, with Ether, Binance Coin (BNB), Cardano, Solana and LUNA all losing more than 45% of their value in recent months.