CryptoQuant Founder Predicts Bitcoin Will Rise 3 to 5 Times in This Bull Run, With Extreme Volatility to Ease

CryptoQuant founder Ki Young Ju stated in a post that he expects Bitcoin’s current bull run to surge 3 to 5 times, rather than another parabolic rally of over 10x, followed by a more moderate bear market. As Bitcoin’s market capitalization expands and institutional holdings rise, the extreme rallies once dominated by retail investors and hot money, along with 80%+ crashes, are being suppressed. Factors limiting upside are also mitigating downside risks. The PNL index shows that the extremes of Bitcoin’s cycle tops and bottoms are decreasing, while overall position profitability during bottom formation continues to rise. In this cycle, the MVRV ratio never fell below 1; even at market lows, Bitcoin’s price remained above holders’ average on-chain cost basis. Moreover, realized market capitalization keeps climbing, signaling new capital inflows. Early whales have ceased selling, and futures market whales have built substantial long positions near the bottom. The 365-day moving average of the PNL index is also forming a clear inflection point. This does not mean Bitcoin has an upside cap, but rather that the market’s risk-reward structure is evolving. Giving up a 10x+ parabolic rally also means avoiding an 80% extreme drop—this lower volatility could attract more long-term-focused capital instead of short-term hot money. He added that Bitcoin’s development path may gradually approach Satoshi Nakamoto’s vision: becoming a stable enough asset to truly function as a currency. As Bitcoin matures further, internet-native capital could reshape the global economy in ways exceeding expectations.