CryptoQuant founder Ki Young Ju has highlighted that the primary risk facing Bitcoin is not a market crash, but rather prolonged stagnation. He emphasized that while sharp pullbacks are manageable if the market anticipates a future rally, extended periods of sideways trading could undermine investor confidence and weaken demand. This stagnation could compress the premium on MicroStrategy's Bitcoin holdings and challenge the sustainability of Michael Saylor's financing strategies. Ki Young Ju also noted that Bitcoin often behaves more like a tech stock than the "digital gold" it is often compared to. Despite his belief in Bitcoin's long-term potential, he stressed the need for a new narrative to invigorate market sentiment and support.