🚨Bitcoin ready to break new records, like in 2021?

✅Bitcoin's recent price rally bears striking similarities to the historic bull market of 2021, potentially auguring a new high for the flagship crypto.

🚨Encouraging market dynamics

✅According to a Bloomberg report, the sustained activity seen recently in the bitcoin market has created a bullish technical setup echoing the dramatic rally of 2021. The price is once again heading towards its all-time high.

✅This rise can be explained by several factors. First, the cost of transactions on the blockchain and the record amount of open perpetual futures options reflect a renewed speculative interest in bitcoin. And this, despite the collapse of FTX and the massive drop in prices in 2022.

✅Additionally, anticipation of the upcoming approval of a Bitcoin Spot ETF in the United States is rekindling investor confidence. Although the SEC is slow to give the green light, recent developments are encouraging traders to bet on inflows from institutional investors.

✅According to Deribit, the largest crypto options platform, the theoretical value of open options broke a record this week at 14.9 billion, surpassing the previous high of 2021. Bullish options are pricing in between 40,000 and 45 000 dollars by the end of December.

✅On the derivatives side too, the demand for crypto options has continued to increase in recent weeks, reveals Caroline Mauron, co-founder of the Orbit Markets platform.

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