Investing.com – According to a co-mentor of the cryptocurrency exchange Huobi Du Jun, can expect a “bullish” market no earlier than the end of 2024 or early 2025, writes CNBC.
He said the “bull” bitcoin market is closely linked to a process called “halving” that occurs every few years. And the next such process will take place in 2024, when, in his opinion, another rally may begin. Halving is the process of reducing the rate at which new cryptocurrency units are generated. The fact is that the miners of this cryptocurrency work on powerful computers, solving complex mathematical problems to confirm transactions on the BTC network, resulting in a reward in bitcoins. Halving is embedded in the core code of bitcoin and halves the remuneration that miners receive for confirming online transactions. This process occurs about once every 4 years.
The last doubling of bitcoin occurred in May 2020, and in 2021 it exceeded the historical maximum above $ 68,000. A similar process took place in 2016. And next year bitcoin reached a record high.
The next “halving” is scheduled for 2024.
After both peaks, bitcoin fell. Cryptocurrency is currently trading almost 40% below its record high in November last year.
“If this cycle continues, we are already in the early stages of a bear market,” Doo said.
He said it was difficult to predict the exact date because there were many other factors that could also affect the market, such as geopolitical issues, including war, or the recent surge in the omicron strain of coronavirus.
Most likely, this will happen only in late 2024 – early 2025.
– CNBC materials were used in the preparation
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