The founder of the Huobi cryptocurrency exchange, Du Jun, said that due to geopolitical tensions, the risks of a large-scale armed conflict and the COVID-19 pandemic, the bitcoin rate growth should not be expected until 2025.
The expert made a sad prediction about the bitcoin rate.
According to the expert, the periods of a sharp drop in the bitcoin rate are related to the process, which has already been called "halving". The cryptocurrency market faces this phenomenon every 4 years. This process is due to a 50% reduction in payment for mining services and confirmation of cryptocurrency transactions.
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The expert recalled that after the "halving" at the end of spring 2020, the price of bitcoin reached its maximum, exceeding the $68,000 mark. A similar situation was observed in 2016. A year after the "halving", the price of the cryptocurrency has increased several times. However, each significant increase was followed by a sharp decline.
Compared to the record price of Bitcoin last November, its current value has decreased by 40% in just a few months. According to Du Jun 2024 will see the start of a new fall in the price of Bitcoin, caused by the "halving". Provided that the current state of affairs persists shortly, market players will start playing bearish.
Du Jun points out that the first signs of such a game have already appeared. However, despite all this, there are still many factors that can change the situation, so it is impossible to predict precisely what will happen next.
For example, a war will start, unexpected geopolitical problems will arise, or the coronavirus pandemic will worsen even more.
Du emphasized that since the price of the cryptocurrency has fallen significantly recently, many market participants have become concerned that a "crypto winter" or too long a period of "bearish" activity may lead to very unexpected and even to some extent catastrophic consequences.
Against the news background about the recognition of the Russian Federation ORDLO, bitcoin, and other cryptocurrencies experienced a significant drop. Thus, during morning trading, Bitcoin fell to $36,370 — the lowest level in the last 2 weeks. Bitcoin analysis can be found here - BTI Verified.
The world's largest cryptocurrency subsequently pared its losses, trading down 3% in 24 hours to a price of $37,495 per coin. As of 5:00 p.m. Kyiv time, Ethereum recovered some of its losses, rising to $2,639. And bitcoin - rose to 38 thousand 13 dollars.
