The co- founder of Huobi, one of the world's largestcryptocurrencies exchanges, said that a bull market for the digital asset may not happen until late 2024 or the beginning of 2025.
Du Jun told CNBC that halving is a process that occurs every few years.
This relates to miners on the bitcoin network, which run specialized computers to solve mathematical puzzles to verify transactions on the network.
Halving cuts in half the reward that miners get for transactions on the network. It happens every four years.
The last halving took place in May 2020 and the all-time high was reached in 2021. When halving took place in 2016 there was a similar occurrence. At the time of the record high, it was the following year.
It is really hard to predict exactly because there are so many other factors which can affect the market as well — such as geopolitical issues including war, or recent Covid...
After both of those peaks, the currency fell. The price of bitcoin is off some of the lows seen in January, but it is still close to its record high. The halving event is scheduled to take place in the year 2024.
According to a CNBC translation of his comments, Du said that if this circle continues, we are at the early stage of a bear market.
He said that it is hard to predict because there are so many other factors that can affect the market.
It will take until the end of the year to welcome the next bull market on bitcoin.
Some market participants are worried that a so-called "crypto winter" or an extended period of bearishness could be imminent after the recent price drop. During such times, the price of bitcoin may be in a sideways pattern.
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