- Huobi co-founder gave his forecast for the bitcoin market
- In his opinion, for a sustainable price growth, you need to wait for halving, and this will happen in end 2000 of the year
- So now traders will have to be patient – of course, if the forecast is correct
Bitcoin continues to be in crisis. Trading below $ at press time) . However, the overall outlook for the main cryptocurrency remains negative, as tough measures from the United States and uncertainty in the conflict between Ukraine and Russia await us ahead.
Du Jun, co-founder of the largest crypto exchange Huobi . He spoke to CNBC reporters.
According to the businessman, a steady bull market will come at the end of or the beginning 2000 of the year. In his forecast, he relies on previous cryptocurrency cycles and the halving procedure.
In order not to go into details, we will explain briefly. Halving halves the reward for miners. This reduces the supply and therefore helps the BTC price rise. But with one but: it is necessary that demand continues to increase.
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Jun noted that after the last halving, the king of cryptocurrencies has significantly increased in price. But the bullish influence has already exhausted itself, and you need to wait for the 2024 year. In the meantime, according to the expert, we are at an early stage of a bull market.
At the end, the businessman urged not to rely only on his opinion, since any events can affect the price of bitcoin. Including geopolitics and Covid.
Recall that this week the Biden administration should issue a decree on cryptocurrency. The content of the document will definitely affect the rate of cryptocurrencies, but we’ll see in which direction.
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