Bitcoin Has Entered “Optimism” Phase — Is “Belief” Or “Fear” Next?

Data from the blockchain intelligence company, Glassnode, suggests that Bitcoin (BTC) has entered the “Optimism” phase amongst traders.

The metric subtracts the net unrealized loss from the net unrealized profit of all circulating Bitcoin supply to gauge market sentiment. This indicator tends to increase during bull markets and the company suggests that the various value bands indicate market phases.

Source: Glassnode

With the recent increase in the price of Bitcoin, apparently, the market has migrated from “Hope” to the “Optimism” phase. Next, the asset could either continue its momentum and enter the “Belief” phase, or retreat to the “Anxiety” phase.

Source: Glassnode

Another indicator from Glassnode is the percent of supply in profit. This shows what percentage of the Bitcoin supply is currently valued higher than at the time of the previous transaction. This metric appears to indicate that there is still room for growth.

Bloomberg is bullish

Bloomberg analyst,…