Huobi co-founder DuJun does not believe that another cryptocurrency market will exist until the end of 2024 or the beginning of 2025.
Talk to CNBC Over the weekend, he said, judging from past market cycles, there may not be another market cycle for about three years. “We are in the early stages of the bear market,” he added, before adding:
“After this cycle, Bitcoin will not be able to welcome the next bull market from the end of 2024 to the beginning of 2025.”
About half of Bitcoin
Jun believes that the entire Bitcoin market cycle is closely tied to halving the event. In the year after Bitcoin was halved in the previous cycle, prices surged in a new bull.The next half is now schedule May 4, 2024, 803 days. Therefore, if history rhymes, late 2024 could be another takeoff time for the crypto market.
Halving the miner’s block reward will reduce the current 6.25 BTC to 3.125 BTC per block.There was little market activity following the previous half Occurred in May 2020, Until October and November of the same year. By mid-December, it had reached a record high.
However, the current market cycle is different from the previous market cycle and has more influential factors, and now there are institutional investors involved and listed trading products. Jun proved that predictions are no longer so easy.
“It’s very difficult to predict accurately because of many other factors that can affect the market, such as geopolitical issues, including war, and recent Covids …”
Ethereum co-founder Vitalik Buterin We are also talking about the bear market and many developers even say they welcome another cryptocurrency winter. His comments were made at the ETH Denver event, which ended on February 20th.
“Many people who are deeply involved in cryptocurrencies, especially those who make things, welcome the bear market,” he said.
Retreat crypto market
The crypto market is currently down about 38% from its peak in mid-November and could fall further if the previous bear market passes by. Bitcoin’s “Fear and Greed” index was still reading “Extreme Fear” at a value of 25.
At the time of writing, most major crypto tokens were trading flat that day, with total capital of approximately $ 1.87 trillion, according to CoinGecko.
Bitcoin was still below $ 40K at $ 39,363, but Ethereum was back a bit to trade at $ 2,750. Solana (SOL), Terra (LUNA) and Shiba Inu (SHIB) all increased by 6-8% this day.