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.