Bitcoin Bull Cycle Could Deliver 3–5x as CryptoQuant CEO Sees Market Maturing

CryptoQuant founder Ki Young Ju has said that this Bitcoin bull market will result in a 3x to 5x increase, as the overall market size is larger than before, along with institutional holdings growing in Bitcoin.

Ju’s projection does not contain a price target for Bitcoin, and it is unclear when the 3-5x figure starts. However, Ju seems to be discussing the potential magnitude of the next cycle rather than a 3-5x increase from Bitcoin’s current price, which is around $86,400.

The thesis started to change. Previous Bitcoin cycles started from such small valuations that relatively little money could make a very large difference in price. Bitcoin’s market capitalization is now around $1.75 trillion and so would require a lot more capital.

The on-chain profitability is another pillar of his perspective. Ju pointed to Bitcoin’s MVRV, the market capitalization to the realized capitalization ratio.

According to his model, since MVRV has remained over one this cycle, Bitcoin’s market value has never dropped below the aggregate on-chain cost basis of its holders, even during the depth of major corrections.

Ju also pointed to the PnL Index from CryptoQuant, which showed cycle tops and bottoms becoming less pronounced, and bottoms forming at higher aggregate holder profitability than in previous cycles.