Bitcoin closed above its 365-day moving average near $80,500 for the first time since March 2023 and traded around $86,000 to $87,200 after rising about 14% in a week from roughly $75,600. CryptoQuant CEO Ki Young Ju said the bull run had begun and expects the current cycle to deliver a three-to-fivefold gain rather than another 10-fold parabolic rally, with less severe declines as institutional ownership expands. CryptoQuant said similar breaks above the long-term average preceded major advances in 2019 and 2023. Ju cited Bitcoin’s larger market, improving regulatory sentiment, a more supportive macro backdrop, an MVRV ratio above one, rising realized capitalization, reduced selling by older whales and large futures long positions near the bottom. Analysts said sustained ETF inflows after the current short squeeze and the Federal Reserve’s policy path remain key tests for continued institutional demand.