CryptoQuant CEO Ki Young Ju said Bitcoin could rise 3x to 5x in this cycle rather than repeat a 10x move. According to NS3.AI, he said Bitcoin’s larger market size and higher institutional ownership are making both explosive rallies and 80% crashes less likely.

Ju also said Bitcoin’s MVRV ratio stayed above 1 during this cycle’s lows, which he cited as part of his view on the asset’s changing market structure.