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When comparing the last quarter of 2023 with the last quarter of 2020, it was noticed that both years experienced a huge increase in value for Bitcoin. Looking at Bitcoin's four-year options volatility, it was observed that 2023 remained weaker. According to experts, this means that the rally has not yet begun, like Bitcoin's previous bull seasons.
When Bitcoin experienced a big rally in Q4 2020, options volatility also increased by 150%, but it is currently only up 50%.