Bitcoin Rallies to New Highs, But Data Shows Room to Run Compared to 2020 Peak
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Bitcoin has reached new highs in 2023, raising questions of whether the market is overextended or will continue rising.
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There are striking similarities between the BTC rally in late 2020 and current conditions in late 2023.
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Options market data shows less explosive upside potential priced in compared to late 2020, suggesting room for further gains.
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Futures market data also points to significant buying power still on the sidelines compared to January 2020.
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Options traders are willing to pay high premiums for volatility despite recent realized volatility being low, anticipating big BTC price swings around key events.