CryptoQuant CEO Ki Young Ju said in a recent social media post that the current Bitcoin bull market is more likely to produce gains of 3x to 5x, rather than another parabolic rally of more than 10x. He added that this cycle looks different on an on-chain basis. According to Ju, Bitcoin’s Market Value to Realized Value ratio, or MVRV, has not fallen below 1 at any point in the current cycle. Even at local lows, BTC stayed above the average on-chain cost basis of holders. Ju said that while some investors did take losses, holders as a whole never moved into an underwater position. The remarks were cited by ChainCatcher in a market analysis brief.
CryptoQuant CEO Ki Young Ju said in a recent social media post that the current Bitcoin bull market is likely to bring gains of 3x to 5x, rather than another parabolic surge of more than 10x followed by a milder bear market.
Ju also said that in this cycle, Bitcoin’s MVRV has never dropped below 1. Even at the lows, BTC remained above holders’ average on-chain cost basis. While some investors suffered losses, holders as a whole never fell into a loss position, according to his post cited by ChainCatcher.
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