Bitcoin Rally May Deliver 3-5x Gain, Not Another Parabolic Run: CryptoQuant Founder

CryptoQuant founder Ki Young Ju believes Bitcoin's current cycle could deliver a 3-to-5x rally, rather than another parabolic run. He points to the PnL Index, which shows aggregate holder profitability, as evidence that extremes are narrowing.

The analyst notes that MVRV never fell below 1 this cycle, meaning holders as a whole never went underwater even at the lows.

Young Ju also cites a rising realized cap and OG whales who have stopped selling. He argues that giving up the 10x parabola means giving up the 80% crash.

CryptoQuant's research backs this view, with Bitcoin closing above its 365-day moving average near $80,500 for the first time since March 2023.