Bitcoin can surely get to new highs with the right ingredients. However, while an ETF approval could be a catalyst, overall adoption or technology that could assist it like Lightning Network deployment would be best for a sustainable increase in prices. Prices could easily increase if you think about the amount of traders actually betting against it right now; it could lead to a massive short squeeze that forces traders to buy and cover positions.
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Yes it could. I think there is roughly $260 million worth of bitcoin short on Bitmex. Though it looks like there aren't many short using futures products anymore, just read something that said those numbers were lowest on record currently.