Bitcoin has been underperforming since reaching a new all-time high of $69,000 in November 2021.
The cryptocurrency market has been in a bearish trend for the past four months. Since reaching a new all-time high of $69,044 in November 2021, Bitcoin has lost more than 45% of its value.
The leading cryptocurrency is currently trading above $37k per coin. According to the CEO of cryptocurrency exchange Huobi, Bitcoin’s Bull Run might not take place until 2024 or early 2025.
In an interview with CNBC, Du Jun stated that Bitcoin’s rallies are usually tied to the halving event. This is an event where the mining reward is cut in half. The event usually takes place every four years, with the last one coming in 2020.
Following 2020’s halving event, Bitcoin’s price surged to a new all-time high of $69k in November 2021. Du Jun applied this same thinking to predict that Bitcoin’s next Bull Run will take place in 2024 or early 2025. He said;
“If this circle continues, we are now at the early stage of a bear market. 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, also affect the market.”
The Huobi CEO added that;
“Following this cycle, it won’t be until the end of 2024 to the beginning of 2025 that we can welcome the next bull market on bitcoin.”
The broader cryptocurrency market has been underperforming over the past few months. The total cryptocurrency market cap reached an all-time 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 doesn’t apply only to Bitcoin, with Ether, Binance Coin (BNB), Cardano, Solana and LUNA all losing more than 45% of their values in recent months.