Charles Edwards, founder of the Capriole Fund, recently observed the hodl waves for long-term Bitcoin holders. He noted that the recent surge in long-term Bitcoin holders is comparable only to 2016, and that this jump will have big consequences in 2024. Edwards also pointed out that this was not seen in the last bull cycle, meaning that the next one could be even larger. The bull market in 2017 saw BTC prices surge 1,900% throughout that year, while gains were closer to 600% during the 2020-21 bull market.

The responses to Edwards’ observation were mostly in agreement with his sentiment, despite the current bearish market outlook. The current fear and greed market sentiment index is at 50, which is neutral. However, analysts and traders are confident that next year will see the beginning of a new cycle that peaks in 2025.

The potential drivers of this new cycle include the four-year cycle theory, which puts the next one due in 2024, the halving due in April and May next year, the potential approval of a spot Bitcoin ETF, and a potential supply shock. There is also the possibility of a victory for major companies such as Ripple, Coinbase, and Grayscale against the Securities and Exchange Commission.

Crypto markets have been steadily declining 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 dump.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Coinbase, Charles Edwards, hoeem, Grayscale, Ripple
Companies	SEC, Coinbase, Grayscale, Binance, Ripple
Currencies	BUSD, US Dollar, Ethereum, XRP, Bitcoin
Securities	None