Bitcoin Hodler Growth Compared to 2017 Cycle BTC 10x Next Bull Run?
On October 6, Capriole Fund founder Charles Edwards observed waves of hoarding by long-time Bitcoin owners.
He pointed out that in the long term, there has been significant progress recently Bitcoin Holders are only compared to 2016. The jump will have big consequences in 2024, he said that this was not seen in the last bull cycle, which could be even bigger next.
“This cycle puts it on par with 2017, which saw 10X price appreciation in 2020.”
The peak growth of long-term Bitcoin holders is only comparable to 2016. This phase change jump in the Hoddle wave will have major consequences in 2024. The last thing we haven't seen. That puts this cycle on par with 2017, which saw 10X price appreciation in 2020. pic.twitter.com/fNLGIKC0O0
— Charles Edwards (@caprioleio) October 5, 2023
In the year During the bull market of 2017, BTC prices rose by 1,900% in that year. In comparison, gains during the 2020-21 bull market are close to 600%.
Bitcoin sentiment strengthens
The responses were mostly in line with the sentiment although the current market outlook is rather gloomy.
The current fear and greed market sentiment index is at 50, which is neutral. However, analysts and traders are confident that next year in 2025 will start a new cycle.
On October 5, crypto analyst “Hoim” he said., “Bitcoin Won't Take Much to Reverse the Bully”
He added that there are several tailwinds that accelerate and stimulate this overturning. These include the theory of a four-year cycle, placing the next one in 2024. Halving is associated with these cycles, which occur in April and May of the following year.
There is also a premise of spot Bitcoin ETF Approval. This means that issuers have to buy BTC directly, buying pressure and driving prices up.
The potential impact of a supply shock has also been noted by many crypto traders and investors.
The BlackRock Spot #Bitcoin ETF is expected to attract $200 billion in revenue!
With only about 2 million Bitcoins left to buy, the impact on the Bitcoin price will be huge!
We may be in for a supply shock. 😳 pic.twitter.com/2184dMTxXo
— Crypto Rover (@rovercrc) October 5, 2023
Another potential driver is the victory of major companies Ripple, Coinbaseand a crackdown on the Securities and Exchange Commission. The courts have been complacent in their rulings so far, and an overall win would be a boon for the crypto industry.
Crypto market overview
Crypto markets have been gradually declining over the past week, which at the time of writing, the total capitalization has dropped to 1.12 trillion dollars.
However, markets have remained flat and tightly range-bound since their mid-August trough.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off your first month of Binance Futures (terms).
PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATATO50 to receive up to $7,000 in deposits.
