CryptoQuant CEO Ki Young Ju Predicts 3-5x for Bitcoin (BTC) Bull Cycle

Ki Young Ju Calls the Cycle at 3-5x

CryptoQuant founder and CEO Ki Young Ju publicly abandoned his bearish stance on Bitcoin (BTC) on September 22, 2026, predicting that the current bull cycle will deliver gains of roughly 3-5x rather than the 10x-plus parabolic runs that defined earlier post-halving eras. Writing on X, he said he expects “3–5x rather than another 10x+ parabolic rally,” followed by a bear phase that is milder than any before it, and used the thread to lay out why the old playbook no longer applies. In the September 22 post, he argues the market itself has changed: when Bitcoin was small and retail traders set the tone, short-term hot money produced explosive rallies and 80% crashes in equal measure. Today, a far larger market and rising institutional ownership — much of it arriving through spot Bitcoin ETFs approved in the United States in January 2024 — have muted both extremes. The same forces that once capped upside, he notes, now soften drawdowns as well. That trade-off is the point: forgoing a 10x move also means forgoing an 80% collapse, and it is exactly that steadier price behavior, in his view, that draws in long-horizon capital instead of speculative rotation. He closes on a longer arc, suggesting that if maturation continues, Bitcoin could edge closer to the vision of an asset stable enough to function as actual money moving across the internet. The call is a notable reversal for an analyst whose cautious framing shaped market debate through mid-2026, and it re-anchors the discussion in Bitcoin's on-chain structure rather than sentiment alone.

the September 22 posthttps://x.com/ki_young_ju/status/2102422863596728579?ref_src=twsrc%5Etfw

MVRV Held Above 1 Through the Dips

The reversal rests on a set of on-chain readings rather than chart patterns. The core evidence is the PnL Index, CryptoQuant's composite that blends the MVRV ratio — market value divided by realized value, the aggregate price at which coins last moved on-chain — with NUPL and the long- and short-holder SOPR metrics to gauge how profitable holders are in aggregate. Ki notes that this cycle's peaks have been less extreme than prior cycles and its troughs have formed at comparatively healthy holder-profitability levels. Most tellingly, MVRV never dropped below 1 at any point in the current cycle: even at the lows, BTC traded above the average on-chain acquisition cost of all holders, meaning individual investors took losses but the holder base as a whole never went underwater. Earlier bear markets, by contrast, saw MVRV break below that line — which is why he treats the discipline of this cycle's drawdowns as evidence of structural maturity rather than luck. The second pillar is momentum in the data itself: the PnL Index's 365-day moving average, a series that reacts late at turning points, is forming what he describes as a meaningful inflection point, alongside improvement across several other on-chain indicators. That is a direct retreat from his May 2026 position, when a post cited in the May thread warned that once profit-taking chains begin, investor PnL tends to decline for roughly 18 months, potentially extending a bear market into early 2027. Flow signals reinforce the turn: rising realized market cap points to fresh capital entering the market, early-era holders — the so-called OG whales among long-dormant crypto whales — have stopped selling, and whales in the futures market built large long positions near the recent bottom. Read against the broader Bitcoin market backdrop, he concludes the structure now favors patient capital over leverage-driven speculation. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

a post cited in the May threadhttps://x.com/ki_young_ju/status/2060302097795645596

Why a Compressed Cycle Matters

Our read: the primary record here — Ki Young Ju's own X posts — ties the revised cycle math to a single theme, institutionalization compressing Bitcoin's volatility in both directions. For desks sizing positions around a repeat of 2017 or 2021, a 3-5x base case changes the leverage calculus outright. The record Brent put bets flagging macro risk and the White House Bitcoin rule push both point the same way: a market increasingly shaped by institutions and policy, not retail reflex — a shift echoed even in Jamie Dimon's Bitcoin stance. The test of the thesis is not a price target but whether MVRV holds its floor through the next correction.