# Ki Young Ju Expects Bitcoin Cycle to Gain Three to Five Times

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/26549
Published: 2026-10-03T09:48:18.000Z
Updated: 2026-10-03T09:48:18.000Z
Section: Investing

> The CryptoQuant founder sees the market in an early bull-market phase and pointed to on-chain activity as a gauge of overheating.

Ki Young Ju sees Bitcoin (BTC) in the early phase of a new bull market and expects a three-to-five-times gain during the cycle, while pointing to on-chain activity as a better gauge of overheating than price alone.

Ju said exchange-traded funds and other traditional financial channels have become major sources of liquidity. He also cited a halt in long-term-holder selling and continued inflows of new capital.

Bitcoin reclaimed the $83,000 yearly level in late September. Ju expects volatility to be lower in this cycle as the market expands and institutional participation grows. He projected a three-to-five-times gain, compared with surges of more than 10 times in earlier cycles.

To assess whether the market is overheating, Ju highlighted large holders sending coins to exchanges and retail investors entering the market. His view puts more weight on those on-chain behaviors than on price levels alone.

The four-year cycle theory has drawn debate. Ju said it remains a useful reference based on miner production costs and the halving mechanism, which slows the rate at which new Bitcoin enters circulation.