In the Hodgkin-Huxley equations (HH), we have identified the parameter regions in which either two stable periodic solutions with different amplitudes and periods and an equilibrium point or two stable periodic solutions coexist. The global structure of bifurcations in the multiple-parameter space in the HH suggested that the bistabilities of the periodic solutions are associated with the degenerate Hopf bifurcation points by which several qualitatively different behaviors are organized. In this paper, we clarify this by analyzing the details of the degenerate Hopf bifurcations using the singularity theory approach which deals with local bifurcations near a highly degenerate fixed point.