Bitcoin price foundation

Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin’s (BTC) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to “its propensity to outperform most assets.” In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin’s ever-increasing hash rate — a measure of the processing power and security of a blockchain — relative to its price points “to risk/reward leaning favorably.” Many believe that in theory, Bitcoin’s hash rate should go up relative to its price. McGlone pointed to a graph noting that the 10-day average of Bitcoin’s hash rate in October is “roughly equivalent” to the level it should be at around $70,000. However, the price is instead currently at $19,500...