Bitcoin’s next bull run seen by 2024?

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Are you holding any Bitcoin? If you are, you might want to hold on to it a little longer because according to one of the founders of Huobi, a huge cryptocurrency exchange known internationally, Bitcoin may not be able to witness a bull market until the fourth quarter of 2024 or early 2025, based on previous price cycles.

Bitcoin bull markets

This was the statement of Du Jun, who mentioned that Bitcoin bull markets are intimately linked to a process commonly known to traders as halving, which usually occurs every few years. This is mostly in reference to the Bitcoin network miners, who utilise or make use of powerful specialised computers to solve complex mathematical problems in order to validate transactions on the Bitcoin network. As a result, they are then rewarded with the coin.

Halving is said to be encoded into Bitcoin’s underlying code and reduces the incentive that so-called miners receive for validating transactions on the cryptocurrency’s network by half. It typically happens every four years or so. The crypto media portal Cryptona has a dedicated section for future value forecast of Bitcoin, see for yourself when the next bull run may happen.

The most recent halving occurred sometime in May 2020, and a time when Bitcoin reached an all-time high of moreover $68,000 in 2021. A similar incident occurred in 2016 when the halving was implemented. The next year, bitcoin reached a then-record high.

It could be recalled that Bitcoin plummeted after the aforementioned peaks. It is currently about 40 per cent off its record high from November. However, it is still of some of the lows witnessed in January. The next halving event is set to happen sometime in 2024.

Jun has stated that if this cycle persists, traders will find themselves in the early stages of a bear market. He also added that it is extremely difficult to predict because there are so many other factors that might affect the market, such as geopolitical events, which include war, as well as the pandemic.

He went on to say that if this cycle happens again, a bull market in Bitcoin would not be seen until the end of 2024. On the other hand, the recent decrease in cryptocurrency prices has some market enthusiasts overly concerned that a potential “crypto winter,” or lengthy spell of bearishness, maybe on the way. Bitcoin may trade in a sideways pattern at such times.

In recent charts, the value of Bitcoin has plummeted 4.4 per cent in the last 24 hours, while Ethereum has dropped by 4.2 per cent, and Dogecoin has fallen by 2.6 per cent.

Prices also began to take a downward turn right after UK Prime Minister Boris Johnson mentioned financial restrictions against Russian corporations should be increased, and the United States appears to be on board, as Johnson stated that corporations will be unable to trade in “pounds and dollars.” The increasing tensions between Russia and Ukraine have had an impact on the market as a whole in recent weeks, and with crypto trading 24 hours a day, this is the first location for investors to react.

It didn’t help that Opensea, Ethereum’s largest NFT trading marketplace, was hacked or phished, depending on who you ask, and hundreds of thousands of dollars were stolen from users’ crypto wallets. The problem is still ongoing, but it is another setback for some of the industry’s most recognisable initiatives.

Weekend volatility in cryptocurrencies has been strong, owing in part to traders spending time away from the market. And because it is a holiday weekend in the United States, there may be more absences than usual, adding to the volatility.

If you’re looking to buy Bitcoin online, the current cryptocurrency volatility might seem daunting, but the long-term picture remains promising. It’s essential to keep an eye out for utility developed on top of blockchain technologies, as this is where the real value will be added in the future. Ethereum is the market leader among these options; however, like all cryptocurrencies, it will experience fluctuations along with the market. So, always invest what you can afford to lose and trade at your own risk.