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CryptoQuant Founder: Bitcoin Expected to Rise 3 to 5 Times in This Bull Market, With Reduced Extreme Volatility
BlockBeats News, September 23: CryptoQuant founder Ki Young Ju stated that Bitcoin is expected to rise 3 to 5 times in this bull market, rather than experience another parabolic increase of more than 10 times, followed by a milder bear market. As the Bitcoin market grows and institutional holdings increase, the sharp rallies and 80% level crashes previously driven by retail investors and hot money are being restrained. The factors limiting upside are also reducing downside risk.
The PNL Index shows that the extremes of Bitcoin cycle tops and bottoms are declining, while the overall profitability of holdings at bottom formation continues to increase. During this cycle, MVRV has never fallen below 1; even at market lows, Bitcoin's price remained above holders' average on-chain cost basis. In addition, realized capitalization continues to rise, indicating that new capital is flowing in; early whales have stopped selling, and whales in the futures market have established substantial long positions near the bottom. The 365-day moving average of the PNL Index is also currently forming a clear inflection point.
This does not mean Bitcoin has an upside ceiling; rather, the market's risk-return structure is changing. Forgoing parabolic gains of more than 10 times also means avoiding extreme 80% declines. This lower volatility may attract more long-term-oriented capital rather than short-term hot money. He stated that Bitcoin's development path may ultimately be gradually approaching the vision described by Satoshi Nakamoto: becoming an asset stable enough to truly function as money. As Bitcoin matures further, internet-native capital may reshape the global economy in ways far exceeding expectations.
Original link https://m.theblockbeats.info/flash/368531