CryptoQuant founder sees 3–5x potential in Bitcoin's current cycle

CryptoQuant founder Ki Young Ju expects Bitcoin's current bull cycle to potentially produce a 3–5x gain, while arguing that the cycle could be structurally stronger but less explosive than previous ones.
His thesis points to growing institutional ownership and Bitcoin's larger market capitalization as factors that could reduce both upside volatility and the severity of a future bear market.
Supporting on-chain indicators cited include MVRV remaining above 1, continued growth in realized cap, slower distribution from older whales, aggressive futures-whale accumulation near cycle lows and an inflection in CryptoQuant's 365-day PnL Index. The 3–5x target remains an analyst outlook rather than a confirmed price path.