Bitcoin Could Still Explode 5x, but the 10x Days Are Over: CryptoQuant CEO

Young Ju argues that less explosive gains could also mean smaller crashes, a trade-off he believes may appeal to long-horizon capital. CryptoQuant founder Ki Young Ju has said that he expects Bitcoin’s current cycle to deliver a 3-to-5x rally rather than another 10x-plus parabolic run, followed by a milder bear market than past cycles produced. His case rests on how much the market has grown, with a larger base of institutional buyers dampening both the euphoric highs and the brutal drawdowns that defined BTC’s early years. Ki Young Ju’s Case for a Calmer Cycle The analyst pointed to the PnL Index, which tracks aggregate holder profitability, as evidence that the extremes are already narrowing, with cycle tops and bottoms forming at higher profitability levels than before. MVRV never fell below 1 this cycle, he noted, meaning holders as a whole never went underwater even at the lows. He also cited a rising realized cap and OG whales who have stopped selling, as well as futures whales who built large long positions near the bottom. “None of this means Bitcoin has a ceiling. It means the trade-off has changed,” he wrote. “Giving up the 10x parabola also means giving up the 80% crash....