Bloomberg strategist Mike McGlone explained the reasons for the optimism of the Bitcoin community.
Addressing his followers on Twitter, McGlone shared three charts: the dynamics of the average annual price of Bitcoin, the liquid index of Bitcoin and the ratio graph between the 260-day volatility of the Bitcoin price and the same indicator for the S&P index.
McGlone emphasized that while Bitcoin is still in development, its adoption continues to increase. He also stated that the decreasing supply is a positive factor for Bitcoin expectations. According to McGlone, the entity shows obvious signs of maturation. For this reason, a positive atmosphere prevails in the Bitcoin community.
Bloomberg strategist says the $50,000 support level and $100,000 resistance level should be watched carefully.
McGlone is also optimistic about the medium-term position of Ethereum. The strategist attributes the possible rise of ETH to increased demand, reduced supply, and Ethereum’s role in the digital transformation of the finance segment.