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 judge market sentiment. This indicator tends to increase during bull markets and the company suggests that the various value bands signal marketplace phases.

Source: Glassnode

Source: Glassnode

With the recent increase in the toll of Bitcoin, patently, the market has migrated from "Hope" to the "Optimism" phase. Next, the nugget could either go along its momentum and enter the "Belief" stage, or retreat to the "Anxiety" phase.

Source: Glassnode

Source: Glassnode

Another indicator from Glassnode is the percent of supply in profit. This shows what percentage of the Bitcoin supply is currently valued college than at the fourth dimension of the previous transaction. This metric appears to betoken that there is however room for growth.

Bloomberg is bullish

Bloomberg annotator, Mike McGlone, told Cointelegraph that he remains bullish nearly Bitcoin, although he expects the bull run to slow downwardly.

"I expect the Bitcoin cost to go on appreciating, just much more slowly than it has in its past. Shorter-term, $eight,000 (near the 52-week hateful) appears to be the key inflection signal resistance of which information technology is breaching."

Furthermore, he observed that Bitcoin has greatly outperformed the stock market in 2022. He expects the coin to successfully transition into a gilded-like store-of-value nugget, which is only accelerated past the fiat stimuli injected by the central banks:

"Upwards over 20% in 2022 to May 1 vs. downwardly about 10% in the S&P 500 is a sign of Bitcoin gaining the upper hand vs. the stock market. I see the kickoff born crypto transitioning from acting like a risk-on asset towards a shop-of-value like gold and gaining headwinds from unparalleled key bank easing."

Recently, some other Bitcoin optimist, Tim Draper, confirmed that he stands by his bullish prediction of Bitcoin reaching $250,000 by early 2023.