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Speaking with CNBC, co-founder of cryptocurrency exchange Huobi, Du Jun, said to fear that Bitcoin’s historical four-year pattern points to the start of a Bitcoin winter.
Noting that the markets follow four-year cycles and that bear markets follow bull markets after the halving has set in, Jun notes:
“In crypto, there is a cycle or a curse every four years, and this echoes with halving in Bitcoin. In 2021, [Bitcoin halved], and in 2013, there was a bull market when the value rose from $20 to almost $2,000 in 2013. It was a bear market after that.
Then 2016 halving led to the second bull market in October 2017, when Bitcoin was valued at almost $20,000. In 2020, the third halving led to the third bear market in 2021. If this cycle continues, we are now at the early stage of a bear market.”
Jun believes that that historical action following halving implies that Bitcoin (BTC) could be years away from renewed bullish action, possibly late 2024 or even early 2025.
“Following this cycle, it will be until [the] end of 2024 to the beginning of 2025 that we can welcome the next bull market on Bitcoin.”
At the time of writing, Bitcoin is trading at $37,112.57 per coin, down 12.71% in the last 7 days, according to CoinMarketCap.