CryptoQuant founder Ki Young Ju states that Bitcoin has entered the early stage of a new bull cycle, projecting a 3–5x gain rather than the explosive 10x growth seen in previous cycles. He attributes this moderated outlook to structural market changes driven by ETFs becoming the primary liquidity source and increased institutional participation, which is expected to reduce overall volatility. Bitcoin successfully reclaimed the key $83,000 annual level in late September as long-term holders ceased selling and new capital continued flowing into the market. Ki emphasizes that assessing market overheating now requires monitoring on-chain behavior, such as whale exchange deposits and retail investor entry, rather than relying solely on price levels. Despite ongoing debate regarding the four-year cycle theory, he maintains that miner production costs and halving mechanics continue to provide valid reference points for understanding current market dynamics.