The cryptocurrency market’s mood has improved significantly over the last week, as prices have risen and the $45K large supply zone has been broken. Bitcoin is currently valued at approximately $48,000.
Bitcoin has been on a tear since breaching above $45K early on March 28, and bigger targets have resurfaced.
It’s worth noting that the price has recently surpassed the one-year moving average. This has historically been a key level for BTC, and a break above it might herald the start of a bullish run. The 200-day moving average has served as the cryptocurrency’s key hurdle to higher targets, and bulls are seeking to break above it.
The RSI, on the other hand, has crossed into the overbought zone, increasing the chances of a Bitcoin price correction.
Bitcoin to outperform the stock market!
As the benchmark crypto asset catapults to a record high in 2022, Bloomberg Intelligence analyst Mike McGlone predicts that Bitcoin (BTC) will continue to witness bigger gains than the stock market.
McGlone analyses what’s behind Bitcoin’s latest rise after BTC fell below $40,000 earlier this year in a new interview with Yahoo Finance.
He said BTC is the most significant, very widely-traded 24/7 asset ever on the earth, and when nickel broke down and couldn’t trade for a few weeks, people turned to Bitcoin and said, “This thing just doesn’t stop trading.”
According to McGlone, Bitcoin possesses characteristics that make it an attractive asset class.
He explains that Bitcoin’s supply is decreasing by the code, while demand and adoption are increasing, and you can really see its worth coming out as a store value exchange mechanism from the fight.
” In some cases, global collateral is becoming a reality. That, to believe, is the macro big picture that was initially dragged down by the stock market’s lower tie.”
According to the analyst, when Bitcoin recovers, it will continue to outperform the stock market, which is currently in negative territory.
“It’s still going to be a pressure factor but I’ll end with this, the significance is Bitcoin is up on the air with 5% or so and the Nasdaq is still down about 7%. It’s showing divergent strength with which I expect to continue.”