Bitcoin Hodler growth similar to 2017 cycle, BTC will multiply 10x Cryptocurrency scrgruppen

On October 6, Charles Edwards, founder of Capriol Fund, noticed waves of bans for long-term Bitcoin holders.

He noted that the recent tremendous growth is in the long term Bitcoin Shareholders can only be compared to 2016. The jump will have major consequences in 2024, he said, adding that this did not happen in the last bull cycle, meaning the next one could be even bigger.

“This makes this cycle more similar to 2017, which saw prices rise 10 times as much as 2020.”

The massive growth in Bitcoin holders in the long term can only be compared to 2016. This changeable jump in Hodl Waves will have major consequences in 2024. Something we have not seen in the last bull run. This makes this cycle more similar to 2017, which saw prices rise 10 times as much as 2020. pic.twitter.com/fNLGIKC0O0

– Charles Edwards (@Capriolio) October 5, 2023

The 2017 bull market saw Bitcoin prices rise by 1,900% throughout that year. In comparison, gains were closer to 600% during the 2020-2021 bull market.

Bitcoin sentiment strengthened

Responses were mostly in agreement with this sentiment despite the current market outlook, which is somewhat bearish.

The current Market Sentiment Index for Fear and Greed is at 50, which is neutral. However, analysts and traders are confident that next year will see the beginning of a new cycle that will peak in 2025.

On October 5, cryptocurrency analyst Hoim… He said, “It won’t take much for Bitcoin to turn bullish.”

He added that there are many tailwinds that could accelerate and stimulate this coup. These include the theory of a four-year cycle, which makes the next cycle due in 2024. Half are substantially linked to these cycles, and are due in April and May next year.

There is also the hypothesis of a spot Bitcoin ETF consent. This means that issuers need to buy Bitcoin directly, which increases buying pressure and pushes prices up.

Many cryptocurrency traders and investors have also noted the potential impact of a supply shock.

Black Rock Spot #Bitcoin The ETF is expected to attract $200 billion in inflows!

With only about 2 million Bitcoins left available for purchase, the potential impact on Bitcoin’s value will be enormous!

We may be on the verge of supply shock. pic.twitter.com/2184dMTxXo

— Crypto Rover (@rovercrc) October 5, 2023

Another possible motive is the victory of major companies e.g ripple, Coinbaseand Grayscale v. Securities and Exchange Commission. The courts have shown leniency in their favor in their rulings so far, and an overall win would be a massive boon for the cryptocurrency industry.

Crypto market forecast

Cryptocurrency markets have seen a steady decline over the past week, with total capitalization falling to $1.12 trillion at the time of writing.

However, markets have remained flat and tightly range bound since their mid-August decline.