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BITCOIN IS SHAPING UP TO ENTER A BEAR MARKET

  Bitcoin is on the side of an endured market if previous cycles are to go by, the co-founder of the Hobo 

change has said

Du Jun advised CNBC the subsequent bull cycle is not going to come round earlier than 202.
Bitcoin has fallen dramatically considering the fact that November, from $69,000 to under $38,000 on Monday.
Bitcoin is in all likelihood getting into

BITCOIN IS SHAPING UP TO ENTER A BEAR MARKET


BITCOIN IS SHAPING UP TO ENTER A BEAR MARKET


Bitcoin is shaping up to enter a bear market, where prices fall by at least 20%. In 2015 and 2016, Bitcoin experienced two bear markets. In the first one, which took place between mid-June 2015 and early January

 2016, the price of Bitcoin fell from $310.70 to $175.69--a decline of 48.72%--and then in the second one, which took place between the beginning of February 2016 and early June 2016, the price of Bitcoin fell from $468.28 to $360.42--a decline of 22.79%.


 While Bitcoin remains in a bullish trend, it looks like the cryptocurrency is shaping up to enter a bear market. Since the beginning of August, Bitcoin has been steadily falling amid headlines about regulatory crackdowns

 around the world. While BTC held steady above $6,300 for several days, a dip on August 21-22 erased the gains. The most recent move downward took the digital currency below $6,200 and into a downward trend that appears to be getting established until bulls step in with their support.


Bitcoin (BTC) is poised to enter a new bear market that could send prices plunging below $4,000 for the first time since early November, technical data shows. BTC followed suit with the broader cryptocurrency market this week and fell to a fresh 2018 low on June 28 at $6,350, according to Coin Desk's Bitcoin Price Index.


  The bitcoin market could be entering a bear market. This is not the first time that such a trend is being displayed. Throughout the year, there were a variety of changes in trend, primarily due to certain factors

 affecting the market and their subsequent impacts on overall volatility. Such factors may include international monetary policies that affect the value of fiat currencies, as well as geopolitical shifts that affect global markets.

 Although it seems like such shifts typically occur over longer periods of time, since bitcoin is already an electronic currency, such occurrences can occur more frequently. Because of this volatility, predicting price changes has never been easy for analysts and experts who specialize in bitcoin trends.

And the subsequent essential rally likely might not come till late 2024 or early 2025, in accordance to the co-founder of one of the world's largest crypto exchanges.


Hobo co-founder Du Jun informed CNBC on Sunday that bitcoin expenses are frequently influenced through a technological trade in the cryptocurrency's network, referred to as "halving".


Halving is a key function of bitcoin and refers to a reducing in half of the quantity of cryptocurrency that so-called miners acquire as a reward for validating transactions.


The final halving befell in 2016 and 2020, and crypto analysts assume the subsequent one to take area in 2024.

Bull market

befell in 2017 and 2021, and so the subsequent one is in all likelihood to take place round a yr after the 2024 halving, Du said. The concept is that the halving reduces the supply, boosting the price.


  • "If this circle continues, we are now at the early stage of a endure market," Du instructed CNBC's Arjun Carpal, in accordance to the network's translation. Du co-founded Hobo, a cryptocurrency alternate firstly primarily based in China.


Yet he added: "It is virtually difficult to predict precisely due to the fact there are so many elements which can have an effect on the market as nicely — such as geopolitical troubles which includes war, or current COVID."


"Following this cycle, it might not be till the stop of 2024 to the establishing of 2025 that we can welcome the subsequent bull market on bitcoin." A bull market is a duration when fees persistently go up, whereas an endured market is an opposite.

Crypto expenses have fallen dramatically because November when bitcoin hit a report excessive of shut to $69,000. The cryptocurrency was once down 1.8% to $37,683 on Monday morning on the Coinbase exchange.


Both cryptos and tech shares have been hit challenging by using the Federal Reserve's plans to hike activity prices sharply in 2022, given that each asset training have been boosted by way of central financial institution stimulus over the preceding two years.


Some buyers are looking forward to every other "bitcoin winter" – that is, a duration the place expenses fall and do not get better for a yr or more. The ultimate such wintry weather happened between late 2017 and the center of 2019 when bitcoin fell from round $20,000 to beneath $4,000.