On October 6th, Charles Edwards, founder of Capriole Fund, observed a wave of long-term Bitcoin holders increasing their holdings.He pointed out that the recent strong growth in the number of long-term Bitcoin holders is only comparable to 2016
On October 6th, Charles Edwards, founder of Capriole Fund, observed a wave of long-term Bitcoin holders increasing their holdings.
He pointed out that the recent strong growth in the number of long-term Bitcoin holders is only comparable to 2016. He stated that this growth will have a significant impact in 2024, adding that this is not yet possible. From the recent bull market cycle, this means that the next one may be even larger.
This makes this cycle more similar to 2017, with prices rising tenfold in 2020.
During the 2017 bull market, BTC prices increased by 1900%. In contrast, the bull market in 2020-21 saw an increase of nearly 600%.
Bitcoin sentiment strengthens
Although the current market outlook is quite pessimistic, most respondents agree with this viewpoint.
The current fear and greed market sentiment index is 50, which is neutral. However, analysts and traders are confident that a new cycle will begin next year and reach its peak in 2025.
On October 5th, cryptocurrency analyst "hoeem" said, "It won't be long before Bitcoin turns bullish
He added that there are several driving factors and catalysts for this price increase. This includes the 4-year cycle theory, which sets the next cycle for 2024. The halving is inherently related to these cycles and is expected to occur in April next year.
There is also a prerequisite for Bitcoin ETF spot approval. This means that issuers need to directly purchase Bitcoin, increasing purchasing pressure and raising prices.
Many cryptocurrency traders and investors have also noticed the potential impact of supply shocks.
Another potential driving factor is the victory of major companies such as Ripple, Coinbase, and Grayscale in front of the US Securities and Exchange Commission. So far, the court has shown lenient treatment in their favor in the ruling, and a comprehensive victory will be a huge blessing for the encryption industry.
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