Bitcoin Bull Market May Yield Milder Price Movements: CryptoQuant CEO

CryptoQuant founder Ki Young Ju expects this Bitcoin bull market to deliver a 3-5x increase, rather than another explosive rally followed by a severe bear market. According to him, the larger market size and growing institutional holdings in Bitcoin make such a large price jump less likely.

Ju notes that previous Bitcoin cycles started with smaller valuations, making it easier for hot money to fuel rallies. In contrast, today's market requires more capital to move prices significantly.

The on-chain profitability is another key aspect of his perspective. He points out that Bitcoin's MVRV (market value to realized capitalization ratio) has remained above one this cycle, indicating that the market value has never dropped below the aggregate on-chain cost basis of its holders.