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In an interview with CNBC on Sunday, Huobi co-founder, Du Jun, noted that Bitcoin (BTC) has lost its bullish window for now and that the next bull run would likely be in 2024.
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Giving his reasoning behind the forecast, the Huobi executive explained that BTC bull markets typically occur around halving events, which happens automatically every 210,000 blocks or four years. With the last halving having occurred in May 2020, the next is scheduled for 2024.
Jun explained that the last halving event helped Bitcoin achieve its all-time high of $69K in November 2021. Likewise, the halving that occurred in 2016 assisted the benchmark cryptocurrency in hitting a record high in the following year, he explained. Notably, in both instances, the price of BTC stumbled after reaching these record highs.
Highlighting that the primary cryptocurrency has slumped by 40% since its ATH sighting in November, Jun explained to CNBC:
“We are now at the early stage of a bear 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.”
However, the Huobi co-founder acknowledged:
“It is really 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, also affect the market.”
Key Bitcoin Levels to Watch — February 22
Bitcoin’s woes continued on Tuesday as the benchmark cryptocurrency missed its February low of $36,320 with a hairsbreadth at $36,370. Following the dip in the Asian session on Tuesday, the cryptocurrency has rebounded mildly to the $37.2 area, where traders await the next impetus for clues.
The recent dip got repelled by my mini hourly descending trendline, which currently resides around the $36K point. That said, a prolonged stalling below the $37.5K could trigger another bearish wave to the $36K support in the coming hours and days.
Meanwhile, my resistance levels are at $38,500, $39,000, and $40,000, and my key support levels are at $36,320, $36,000, and $35,000.
Total Market Capitalization: $1.67 trillion
Bitcoin Market Capitalization: $707.4 billion
Bitcoin Dominance: 42.2%
Market Rank: #1
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