The 10x Bitcoin Rally Isn't Coming. CryptoQuant CEO Predicts a Calmer Cycle

CryptoQuant CEO Ki Young Ju has laid out what he expects from Bitcoin’s (BTC) current bull cycle. He also sees the following bear market as different from past ones. Ju ties that outlook to a change in who owns Bitcoin and the kind of capital it now attracts.

His outlook arrives with the asset trading near its highest level since January. Ju Reads a Calmer Cycle in the On-Chain Data Ju expects gains of 3 to 5 times this cycle rather than another 10x-plus parabolic rally. A gentler bear market would follow, in his view.

He credited Bitcoin’s larger market and growing institutional ownership. Retail hot money, he noted, powered past cycles and their 80% crashes. Ju pointed to on-chain data as support.

The Market Value to Realized Value (MVRV) ratio never fell below 1 this cycle.  “Some investors took losses, but holders as a whole never went underwater,” he said.