Bitcoin Bull Cycle Has Begun, But No 10x Surge Ahead: Ki Young Ju

CryptoQuant CEO Ki Young Ju says Bitcoin's bull cycle has only just begun. However, he doesn't expect a parabolic surge like in previous cycles.

According to Ki Young Ju, the current market structure is different due to larger capitalization and growing institutional investor participation. This shift reduces both the upside and downside potential for Bitcoin.

The analyst pointed out that new capital is flowing into the market, old whales have stopped selling, and futures whales are building large long positions. Onchain metrics also indicate a change in market structure, with less extreme cycle peaks and higher profitability levels.

Ki Young Ju expects Bitcoin to rise 3-5x within the current cycle, rather than a 10x surge. He believes this shift will bring lower downside risk and make Bitcoin more attractive to long-term capital.