According to Capriole Fund founder Charles Edwards, the recent growth in long-term Bitcoin holders is comparable to the trend observed in 2016. Edwards believes that this significant increase in hodl waves will have a major impact on the market in 2024. This pattern was not seen in the previous bull cycle, indicating that the next one could be even larger. Edwards states that this current cycle is more similar to 2017, which saw 10 times the price appreciation of 2020.
During the bull market in 2017, BTC prices surged by 1,900% throughout the year. In comparison, gains were closer to 600% during the 2020-2021 bull market. Despite the current bearish market outlook, the sentiment towards Bitcoin remains positive. The fear and greed market sentiment index is currently at a neutral level of 50. However, analysts and traders are confident that the next cycle will begin next year and reach its peak in 2025.
Several factors contribute to this optimistic sentiment. One factor is the four-year cycle theory, which suggests that a new cycle is due in 2024. The Bitcoin halving, which is intrinsically linked to these cycles, is set to occur in April and May of next year. Additionally, the potential approval of a spot Bitcoin ETF could have a significant impact. This would require issuers to buy BTC directly, increasing buying pressure and raising prices. The potential supply shock caused by the limited availability of Bitcoins is another factor that many traders and investors are considering.
Another potential driver for the market is a victory for major companies like Ripple, Coinbase, and Grayscale in their ongoing legal battles against the Securities and Exchange Commission (SEC). These companies have seen some favorable rulings from the courts so far, and a complete win would be highly beneficial for the crypto industry.
Despite the positive sentiment, the crypto market has been experiencing a steady decline over the past week, with the total market capitalization falling to $1.12 trillion. However, since the mid-August dump, the markets have remained flat and range-bound.
In conclusion, Charles Edwards predicts that the current growth in long-term Bitcoin holders will have significant consequences in 2024, potentially leading to a larger bull market than the one seen in 2017. Factors such as the four-year cycle theory, Bitcoin halving, potential spot Bitcoin ETF approval, and legal victories for major companies could contribute to this bullish scenario. However, while sentiment remains positive, the crypto market has been experiencing a recent decline..
#Bitcoin #Hodler #Growth #Comparable #Cycle #BTC #10x #Bull #Run
During the bull market in 2017, BTC prices surged by 1,900% throughout the year. In comparison, gains were closer to 600% during the 2020-2021 bull market. Despite the current bearish market outlook, the sentiment towards Bitcoin remains positive. The fear and greed market sentiment index is currently at a neutral level of 50. However, analysts and traders are confident that the next cycle will begin next year and reach its peak in 2025.
Several factors contribute to this optimistic sentiment. One factor is the four-year cycle theory, which suggests that a new cycle is due in 2024. The Bitcoin halving, which is intrinsically linked to these cycles, is set to occur in April and May of next year. Additionally, the potential approval of a spot Bitcoin ETF could have a significant impact. This would require issuers to buy BTC directly, increasing buying pressure and raising prices. The potential supply shock caused by the limited availability of Bitcoins is another factor that many traders and investors are considering.
Another potential driver for the market is a victory for major companies like Ripple, Coinbase, and Grayscale in their ongoing legal battles against the Securities and Exchange Commission (SEC). These companies have seen some favorable rulings from the courts so far, and a complete win would be highly beneficial for the crypto industry.
Despite the positive sentiment, the crypto market has been experiencing a steady decline over the past week, with the total market capitalization falling to $1.12 trillion. However, since the mid-August dump, the markets have remained flat and range-bound.
In conclusion, Charles Edwards predicts that the current growth in long-term Bitcoin holders will have significant consequences in 2024, potentially leading to a larger bull market than the one seen in 2017. Factors such as the four-year cycle theory, Bitcoin halving, potential spot Bitcoin ETF approval, and legal victories for major companies could contribute to this bullish scenario. However, while sentiment remains positive, the crypto market has been experiencing a recent decline..
#Bitcoin #Hodler #Growth #Comparable #Cycle #BTC #10x #Bull #Run
