Next Bitcoin bull run not before 2024, says top crypto exchange co-founder

cnbctv18.com:

Bitcoin may see its next great bull run only in 2024 or maybe even 2025, according to the co-founder of one of the world’s biggest cryptocurrency exchanges. Bitcoin is down by 30.93 percent year-over-year, but it has pared some of the losses it sustained in January.According to Du Jun, Co-Founder of Huobi, Bitcoin may only see a new bull run in 2024 or 2025 once the blockchain sees a new halving.“Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on Bitcoin,” Jun told CNBC.Also read: Bitcoin outlook: Has the trend reversed, and what do experts expect?Halving and its implicationsHalving is a process in the Bitcoin blockchain where the Bitcoin rewards to miners is ‘halved’ every four years, which drives the prices, further incentivising miners to continue mining the virtual asset.

Currently, the reward is 6.25 Bitcoins and there are approximately 18.9 million Bitcoins in circulation, against the maximum limit of 21 million.Also read: US President Joe Biden likely to issue executive order on crypto policy this weekThe last halving took place in May 2020 and about 1.5 years later, Bitcoin hit its all-time high in November 2021. The price growth seen was 682.2 percent to $69,000 from the time of halving.‘Hard to predict’Jun told CNBC that the price of Bitcoin closely follows that of the halving process.