Data from the blockchain intelligence company Glassnode indicate that Bitcoin (BTC) has entered the “optimism” phase among retailers.
The metric subtracts the unrealized net loss from the unrealized net profit of the total bitcoin offering in circulation to measure market sentiment. This indicator tends to rise during the bull markets and the company suggests that the different value bands indicate the phases of the market.
With the recent rise in Bitcoin prices, the market has apparently moved from the “Hope” phase to the “Optimism” phase. The asset could then continue to dynamic and enter the “belief” phase or return to the “fear” phase.
Another indicator for Glassnode is the percentage of the offer in profit. This shows what percentage of Bitcoin offer is currently valued higher than at the time of the previous transaction. This metric seems to indicate that there is still room for growth.
Bloomberg is bullish
Bloomberg analyst Mike McGlone told Cointelegraph that he remains optimistic about Bitcoin, although he expects the bull run to stop.
“I expect the price of Bitcoin to continue to rise, only much more slowly than in the past. In the short term, $ 8,000 (roughly the 52-week average) seems to be the key turning point resistance that is breaking.”
He also found that Bitcoin far outperformed the stock market in 2020. It assumes that the currency will successfully transform into a gold-like asset that is only accelerated by the fiat impulses brought in by the central banks:
“An increase of over 20% in 2020 by May 1st versus a 10% decline in the SP 500 is a sign that Bitcoin is gaining ground against the stock market. I see the first cryptocurrency in the transition from acting as a risk asset to a store of value such as gold and catching up against central bank easing. “
Another Bitcoin optimist, Tim Draper, recently confirmed that he is keeping his optimistic forecast that Bitcoin will hit $ 250,000 in early 2023.
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