Bitcoin may not see a bull market until late 2024 or the beginning of 2025, if past price cycles are any indication, according to the co-founder of Huobi, one of the world’s largest cryptocurrency exchanges.Du Jun told CNBC that bitcoin bull markets are closely tied to a process called halving, which occurs every few years.This relates to so-called miners on the bitcoin network, which run powerful specialized computers to solve complex mathematical puzzles to validate transactions on the bitcoin network. Miners are rewarded in bitcoin as a result.Halving is written into bitcoin’s underlying code and cuts in half the reward that so-called miners get for validating transactions on the cryptocurrency’s network. It occurs roughly every four years.The last halving took place in May 2020, and in 2021, bitcoin topped an all-time high above $68,000. A similar occurrence happened when halving took place in 2016. The following year, bitcoin hit what was at the time a record high.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.cnbc.com