Citing past price cycles, Du Jun argues that if it can be taken as evidence, the boom in Bitcoin and other cryptocurrencies has a lot to do with a process called halving that occurs every few years. The next halving will be in 2024, after which Du Jun thinks another bull market may come.

See: e-Citizen

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Every four years, the number of bitcoins given to “miners” halves until roughly all 21 million bitcoins are mined (probably around the year 2140). The halving mechanism helps maintain the bitcoin shortage and makes it a good resistance to inflation.

The last halving occurred in May 2020, and in 2021 Bitcoin reached its highest valuation in history – over $68,000. A similar case occurred when the halving occurred in 2016 – the following year, Bitcoin hit record valuations.

After both peaks, the value of bitcoin has always fallen. Currently, its rating is just under 40% of the previous record.

The next halving event is scheduled for 2024.

The halving determines the bull market

Du Jun of Huobi Stock Exchange says that “this rule will continue, we are now in the early stages of a bear market. But it is really difficult to predict accurately because there are many other factors that can affect the market like well, including geopolitical issues.” Including the war or the Covid epidemic, which also affects the health of the market.”

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According to Du Jun, the next boom will appear only after the halving, that is, at the end of 2024 or the beginning of 2025.

It is worth noting that recently in an interview with Bloomberg, the founder of Ethereum, Vitalik Buterin, stated that we are now facing a bear market, known as “crypto winter” in the crypto world.