Speculators go net long on Bitcoin, mirroring 2023 setups before major rallies, amid two-month range and volatility signals pointing to potential upside to $80-85K.

According to The Kobeissi Letter, the polarized positioning in stocks, commodities, and cryptocurrencies is leading to increased market volatility. Specifically, net long positioning in gold has seen a significant rise, with short positioning at its lowest since the pandemic in 2020. This shift has resulted in a short squeeze, driving gold prices up by 50% over the past year.