Over the last 24 hours, the market has had a moderately favourable trend. Bitcoin, the market leader, rose 1.13 percent, while Ethereum gained 2.56 percent. Terra (LUNA), on the other hand, has outperformed the rest with a rise of almost 7%.
Bitcoin Price Action
Over the previous 24 hours, BTC/USD has moved in a range of $37,358.00 – $39,394.44, showing high volatility. The entire trading volume has climbed by 37% to $23.14 billion.
We can see that Bitcoin price movement has made solid resistance to the downside in recent hours, indicating that additional upside is probable in the coming 24 hours.
Today, sellers quickly drove BTC/USD to $37,500, prompting an instant reaction higher. It’s possible that we’re nearing the bottom of the current downswing.
As a result, we believe there will be further upside in the following 24 hours. If the $40,000 resistance level is broken to the upside, we may witness a retracement of the present downswing this week.
BTC Bull Run Stalled till 2024
Huobi CEO Du Jun indicated in a recent interview with CNBC on Sunday, February 20, that he does not foresee another Bitcoin bull run until late 2024 or early 2025.
The present Bitcoin chart patterns, according to CEO Jun, are comparable to previous Bitcoin halving cycles, and he believes that the BTC price is directly linked to the halving process, which occurs every four years.
Bitcoin halving occurred in 2012, 2016, and 2020, with the BTC price rallying in the year following the halved. However, following the peaks, the price of Bitcoin plummeted dramatically.
After a massive bull run, Bitcoin has frequently followed a multi-year down cycle. We are currently in the early stages of a bear market, according to Du Jun, if this circle continues.
“Following this cycle, it won’t be until end of 2024 to beginning of 2025 that we can welcome next bull market on bitcoin.”
Many observers feel we are entering a new “crypto winter,” and the Huobi CEO is not alone.