Bitcoin is repeating the 2017 cycle! Is Hold the best option?

Bitcoin is following a pattern very similar to 2017, when it was nine months away from peaking. If history repeats itself, the period of "extreme greed" could begin by the end of 2025, opening up huge growth opportunities. But in times of volatility like the current one, is holding Bitcoin a wise strategy? Some technical indicators show that the long-term trend remains positive. Bitcoin's RSI Bollinger Band % is extremely low, something that happened in 2013, 2016, and 2020 — just before BTC set new highs. In 2017, Bitcoin fell below $1,000 before skyrocketing 1,500 percent, reaching $19,086 by the end of the year. Currently, Bitcoin hovers around $83,000, but there are no clear signs of a solid bottom yet.

Even so, data from the market shows a different picture. The amount of Bitcoin on exchanges is falling to its lowest level in a year, suggesting that many investors are still accumulating instead of taking profits.

This also means that there are no signs of forming a real market peak. Meanwhile, the amount of Bitcoin held by long-term holders is declining, partly due to concerns about the economic situation and the upcoming 2024 US election. Given what's going on, if Bitcoin truly reflects the 2017 cycle, the peak could be about nine months away. However, in the short term, Bitcoin must surpass the $90,000 threshold to confirm the uptrend. In the long-term, with money continuing to flow into the market and investor confidence not waning, Bitcoin could enter the six-digit price zone.