Bitcoin's strong performance and positive outlook suggest it could exceed $110,000 in May, driven by various factors. Its ability to flourish in both risk-on and risk-off environments, coupled with a Sharpe ratio of 1.72, positions it as a mature asset with impressive risk-adjusted returns. Recently surpassing the $100,000 mark for the first time since January has sparked speculation of new all-time highs. Institutional demand is on the rise, highlighted by a buyer-dominant market shift in Bitcoin spot trading. The 90-day spot taker cumulative volume delta indicates dominant buying pressure led by institutions and spot Bitcoin ETF inflows. This change, along with Bitcoin's status as a dual-purpose investment and its increasing adoption by corporations, points to a likely supply squeeze that could further elevate prices. Analysts from Fidelity Digital Assets observe that Bitcoin tends to experience explosive surges characterized by volatility and profit, suggesting potential for significant price increases in the near term.

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