Since 2021 when the price reached an ATH of around $69k, the market now looks difficult to rise, especially since there have been big cases like LUNA and FTX which have made many people afraid to invest in cryptocurrencies, and in my opinion if there are no top influencers like Elon Musk in 2021 then it will be difficult to see the market rising again, and our hope is that perhaps a halving day will occur at the beginning of the year, and if it cannot rise it will be even more difficult in the future.
First of all, the halving event is expected to occur in April, 2024, and that isn't actually the start of the year. And, the market has been down since 2021 because Bitcoin and the whole market move in a cycle, and after the cycle restarted in 2021 when Bitcoin hit its all-time high, it is yet to reach the end of the other cycle which is expected between 2024 and 2025 when the market will rise once again and then the cycle will end again and we will surely see another decline after that.
Give o take it should happen around that March-April, and so the effect of the halving might be felt at the second quarter of that year. And that is good though, we are not in a hurry to make the bull run. And it will take several months to settle everything down. So it's a slow process in early, but once we got that momentum going we will be end for another massive run in 2024-2025. And the speculation is that we will hit 6 digits in our next all time high.
Unfortunate events such as the crashes like LUNA and FTX affected the movement of the market, for sure, but when that happened, we were already in the bear market those things made it go even deeper than expected, however, it has recovered pretty well from that and all we are waiting for is the beginning of the bull run of this cycle.
It's very unfortunate, that we will experience this so called black swan events. In a bear market, there will also be events related to crypto that will really affect the market no matter what. But it seems that it's over now, I mean this year we are almost at the end of 2024 and so far no events like this will likely occur. We will see at the end of this year, hopefully we can stand and see the price at least reaching $30k, and then we are all going to be excited entering 2024.