Bitcoin Cycle Shift: Calm Before the Storm or New Era?
CryptoQuant CEO Ki Young Ju has shared his outlook on Bitcoin's current bull cycle. In an interview, he predicted that this cycle will be different from past ones due to changes in who owns Bitcoin and the type of capital it attracts.
Ju attributed the shift to the growth of institutional ownership and the larger market size of Bitcoin. He noted that retail hot money powered previous cycles and their 80% crashes. This time, he expects gains of 3 to 5 times rather than another 10x-plus parabolic rally.
Ju pointed out that the Market Value to Realized Value (MVRV) ratio never fell below 1 this cycle. He also mentioned that even the PnL Index's 365-day moving average, which typically lags at turning points, is forming a meaningful inflection right now.