Bitcoin call options—bets on where the bitcoin price or other assets will be in the future—expiring at the end of June at the strike price of $300,000 are the second most popular call option on the Deribit exchange behind $110,000, according to data compiled by crypto analytics company Amberdata and seen by Bloomberg.

“If we look at dealer positioning on Deribit for bitcoin, we see dealers being short a lot of gamma $110,000 as traders are buying options for new all-time highs,” Greg Magadini, Amberdata’s director of derivatives, told the financial newswire, referring to a gamma squeeze in which the market can suddenly swing.

“This is showing us that the market positioning is heating up in anticipation of new all-time highs and once in uncharted price territory, there’s no telling how high bitcoin can go.”

The bitcoin price has rebounded along with stock markets in recent weeks, with traders and investors betting the international trade war begun by U.S. president Donald Trump is nearing an end.

“Bitcoin is being driven upwards by a crowd of retail investors, who are also driving the US stock market,” Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments. “Small players don’t care that the U.S. economy is slowing down, and the Federal Reserve is not going to cut rates.”

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While sentiment has flipped bullish in recent weeks, other bitcoin and crypto market watchers have warned there remains a risk the bitcoin price could suddenly dip.

“Bitcoin has held above $100,000 for over 11 days,” Ruslan Lienkha, chief of markets at YouHodler, said in emailed comments.

“The current price action appears to be a consolidation phase, marked by accumulation, potentially setting the stage for another leg higher that could lead to a new all-time high. While the risk of a downside correction cannot be ruled out, particularly if negative sentiment returns to the equity markets, the likelihood of such a scenario remains relatively low in the short to medium term. Overall, bitcoin is positioning itself for another upward move in the near future.”