Bitcoin Bull Cycle Sees 3x-5x Gain Ahead, Says CryptoQuant Founder

CryptoQuant founder Ki Young Ju expects Bitcoin's current bull cycle to deliver a 3x-5x gain, rather than another explosive rally. According to Ju, this is due to changes in the market structure, where growing institutional participation and Bitcoin's larger capitalization are reducing the extremes on both sides of the cycle.

Ju points out that earlier market cycles were characterized by relatively short-term capital contributing to sharp rallies and subsequent declines of as much as 80%. However, he believes that the current market is different due to its expanding size and increasing institutional ownership. This has led him to expect a milder bear market following the cycle.

Ju's view is supported by several on-chain indicators, including Bitcoin's MVRV ratio, which has remained above 1 during the current cycle. He also cites rising realized capitalization as evidence of continuing capital entering the Bitcoin market. Additionally, CryptoQuant's profitability indicators have shown less pronounced cycle extremes.

Ju emphasizes that his projection is an analyst assessment and not a fixed price target or guaranteed outcome. The broader thesis is about the magnitude of the entire cycle, rather than predicting a specific Bitcoin price or date.