In an interview with CNBC, Du Jun, co-founder of cryptocurrency exchange Huobi, suggested that bitcoin price cycles are closely tied to the halvings that occur about every four years.
According to him, there was a halving in 2012, followed by a bull market in 2013, and there was a similar movement in 2016. The last halving was in May 2020, at which time bitcoin hit its all-time high of $68,000.
“If this cycle continues, we are now in the early stages of a bear market,” he added.
However, Jun noted, because of a variety of factors, it is now “difficult to predict” when there will be a bull market.
“It’s very difficult to predict anything accurately because there are many factors that can affect the market, such as geopolitical issues, including the war or the recent Covid-19. Following this cycle, it won’t be until late 2024 or early 2025 that we could see the next bitcoin bull market,” he said.