CryptoQuant Founder: Bitcoin May Gain 3 to 5 Times in This Bull Market, Cycle Volatility Moderating

According to TechFlow, on September 23, CryptoQuant founder Ki Young Ju stated that as the Bitcoin market capitalization expands and institutional holdings increase, this bull run could achieve a 3x to 5x gain, rather than the previously anticipated parabolic surge of over 10x, with subsequent bear market declines likely to be relatively mild.

He noted that the Bitcoin Market Value to Realized Value (MVRV) ratio has consistently remained above 1 throughout this cycle, meaning overall holders are not underwater; meanwhile, rising realized market cap, early whales halting distribution, and futures whales accumulating large long positions near support levels all signal improving market liquidity. He believes Bitcoin's cycle amplitude is gradually narrowing, and it may further develop its monetary attributes as the market matures.