In what represents one of Bitcoin's darkest near-term forecasts, a significant player in the crypto-financial world has said that the price performance of the leading digital asset may not recover until 2025.
The prediction made by Huobi co-founder Du Jun paints an unimpressive financial return for crypto investors in the coming years.
Expect a Bitcoin bull run in 2025
According to Du Jun, Bitcoin is unlikely to experience a major bull run until 2025. His prediction is based on some cryptocurrency analysts' belief that the currency's current bull run is over.
He added that the asset's previous bull run had always happened in the year that the Bitcoin mining reward was cut in half.
Interestingly, Bitcoin's bull run story has always coincided with the above. The 2020 bull run, which culminated in the asset's value climbing to $ 69k, was months before the asset's mining reward was cut from 12,5 BTC to 6,25 BTC.
However, the asset has since lost more than 40% of this maximum. To put this into perspective, Bitcoin's previous bull run in 2018 resulted in the coin climbing as high as $ 20.000 before dropping more than 80%.
Judging by this, Bitcoin's next bull run is expected to be in 2024, when the reward for mining will be halved.
Bitcoin, Ukraine and Canada
La quotation Bitcoin plunged to new lows during trading these days as the asset's price dropped as low as $ 37.200, a level it last hit on February 4th.
The current price action reflects the current political tensions between Ukraine, Russia and Canada. The ongoing confrontation between Ukraine and Russia has reduced investors' appetite for risk-sensitive digital assets like Bitcoin.
Reports also emerged that authorities in Canada were considering making their financial oversight regulations permanent. However, despite the threat of this, Canadians have instead embraced Bitcoin as a means of circumventing any restrictions the government may impose.