Bitcoin hasn’t been doing too well as of late. The invasion of Ukraine by Russia and several other factors have caused the world’s number one digital currency by market cap to fall heavily over the past week or two, and now – according to Du Jun, the chief executive of crypto exchange Huobi – bitcoin isn’t likely to experience another bull run until the end of 2024.
Du Jun of Huobi Thinks Bitcoin Will Stay Low for Nearly 3 Years
Du Jun recently made headlines when he announced that his company was going to be reentering the crypto market in the coming future. The goal was to not simply serve as an exchange anymore, given that crypto has come a long way in the past few years. Thus, Huobi is planning to focus more on asset custody and several other services that have become prominent in the digital asset space.
Considering the facts, it’s hard to take everything Jun says seriously. The end of 2024 is when he’s saying bitcoin will rise again. That’s almost three years from now. In other words, that’s allegedly a three-year period in which trading platforms and crypto companies are likely to experience little to no profit, and yet Huobi is choosing now to reenter the space. Why would it be doing this now if it felt that the staple product of the industry is not going to show any prominence for such a long period?
Not everything adds up, and yet according to Jun, bitcoin is going to remain in a bearish position until the end of 2024/ beginning of 2025. Until then, bitcoin and crypto traders can expect to see more of what they’ve been witnessing over the past three months.
He says in a recent interview:
If this circle continues, we are now at the early stage of a bear market. It is [quite] 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 [cases] also affect the market. 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.
A Massive Drop for the Asset
As we all remember, bitcoin reached its highest peak yet in November of 2021. At the time, the world’s number one digital asset rose to a whopping $68,000 per unit. Traders and analysts everywhere felt that BTC was on top of the world and that it was virtually unstoppable. Unfortunately, things haven’t quite turned out that way. Following the spike, bitcoin incurred a series of drops that now sees it trading for more than $30,000 less than where it was just three months ago.
Jun is confident in bitcoin’s potential for 2024 given that this will be the year in which the next halving takes place.
