CryptoQuant CEO Ki Young Ju predicts Bitcoin could rally 3–5x this cycle, reaching $258,000–$430,000, driven by growing institutional adoption that dampens volatility. On-chain metrics like the PnL Index and MVRV show less extreme cycles than in the past. The Bitcoin Rainbow chart aligns with a peak near $423,000. Bitfinex analysts report low profit-taking, with aSOPR at 1% versus 4% during the August breakout, indicating room for further gains.
Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, expects Bitcoin’s current bull cycle to deliver a 3–5x rally rather than the 10x+ parabolic moves seen in the past. At the current price of $86,000 per BTC, that translates to a target range of $258,000 to $430,000.
Ju stated that growing institutional adoption will dampen the historical 80% dips, while also capping upside. “I expect this Bitcoin bull cycle to deliver 3–5x rather than another 10x+ parabolic rally, followed by a milder bear market,” he wrote.
The PnL Index Signal, which tracks aggregate investor profitability, has topped and bottomed at less extreme levels compared to past trends. The MVRV ratio, a key valuation metric, rebounded without touching the 1.0 level that typically marks cycle bottoms.
According to Ju, past explosive BTC rallies were driven by “hot money” from retail investors, whereas now more mature players from ETFs and corporates are taking over. He believes dampened volatility and ensuing stability could push Bitcoin to become real global money.
The Bitcoin Rainbow chart aligns with Ju’s bold projection, marking the next potential peak at $423,000 in the bubble zone. Meanwhile, Bitcoin’s extended rally above $85,000 has triggered on-chain and technical indicators confirming the bull run is back.
Bitfinex analysts noted that profit-taking remains low. “BTC is up 47% off the July low, and holders still aren’t cashing out. This time there is barely any selling to absorb,” they said. The aSOPR metric, which tracks profit-taking, currently sits at 1% compared to 4% during the August breakout. With low selling pressure, BTC’s uptrend could extend in the short term.
