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The bearish price market Bitcoin "has probably ended up at $ 3,000," said reputed badyst Tom Lee, his trusted tool of the "Bitcoin Misery Index" ("BMI") reaching its highest level in three years.
BMI says Bull Market
Lee, who is well known among crypto-currency traders as a major bullish voice on Bitcoin and regularly makes appearances in the mainstream media, highlighted his index readings, decidedly infamous, on social media on April 11th.
Lee's BMI offers a score of 0 to 100 for the price in Bitcoin, telling traders when to buy and when to sell based on the "misery" of the market.
A score of 27 or less is a "buy", while anything greater than 67 tells the reader to sell.
After the Bitcoin award 00 Increased by $ 1,300 in days to reach $ 5,330 last week, the BMI experienced a dramatic awakening. Having already crouched at the age of 34 at the end of March, his last reading is 89, his highest level since June 2016.
$ 3K was Bitcoin Price & # 39; Bottom & # 39;
For Lee, this carries mixed signals, Fundstrat's senior badyst following in the footsteps of veteran trader Tone Vays by saying that the bullish momentum behind Bitcoin might not mean an unambiguous reversal.
Unlike Vays, however, he hinted that the main message behind the Bitcoin price was that it was unlikely to fall below the $ 3,000 mark – while Vays kept up to $ 1,000.
"The main benefit to remember is that the BMI reaching 67, is further evidence that the bear market of Bitcoin has probably ended at $ 3,000," Lee summarized.
The recovery probably took Lee, along with many others, by surprise. Prior to the push, Lee was even committed to no longer providing price forecasts to Bitcoin.
"Due to the inherent volatility of cryptography, we will no longer provide deadlines for the realization of fair value," he told Fundstrat's customers in December.
Eyes On $ 5900
Various Bitcoin network indicators and external measures have also emerged, reinforcing the theory that the darkest days of the largest cryptocurrency are now behind rather than in advance.
As Bitcoinist reported earlier this week, the reappearance of the so-called "premium Kimchi" – a surtax for purchases of Bitcoin on South Korean stock exchanges – enthusiastic commentators. Like the high values of Lee's BMI, the Premium has only appeared in the bull markets of Bitcoin.
The phenomenon closely followed the new action of China, where traders seemed to avoid very restrictive regulatory structures to invest in cryptocurrency via stablecoin Tether, also at a higher level in real terms.
On Friday, at press time, the price of bitcoins rose slightly to nearly $ 5,100 after a dip after peaking at $ 5,440.
With the exception of momentary incidents, Bitcoin has maintained support at $ 5,000 since April 5. Bitcoinist Wednesday announced a short-term price target of about $ 5900.
What do you think about the Bitcoin price and Bitcoin Misery Index? Let us know in the comments below!
Images via Tradingview.com, Shutterstock
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