The price of Bitcoin is approaching its all-time high, driven by the launch of spot Bitcoin Exchange Traded Funds (ETF) that attracted institutional investors. Bitcoin is currently trading around $62,900, showing a 3% profit in the last 24 hours and a 22% profit in the previous week. Data from Deribit suggests an increase in bullish positions, with traders accumulating call contracts above $65,000. This surge in trading activity led to a jump in Implied Volatility (IV). Despite the bullish sentiment, there are warnings of euphoria taking over the market, potentially leading to short-term dips. Economist Alex Krüger predicts further gains up to $70,000 followed by a drop to $55,000. Overall, while there is optimism in the market, caution is advised due to the possibility of sudden volatility.
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