Tom Lee: Bitcoin Misery Index predicts Bitcoin Bullrun
The cops assumed that since July the blow, so that Bitcoin fluctuates in price between 9,500 and 10,500 USD, and since the only little tendency to above or below shows. Tom Lee in a recent Interview stated that there are some indicators that could indicate a soon-to-Bitcoin Bullrun.
The Bitcoin Misery Index is a technical indicator for Trades which is decreased throughout the summer. The indicator fell by a total of 50 points, a level at which the price of Bitcoin is starting to show a trend reversal and it might be rising again. According to Tom Lee, Co-Founder of Fund is the Bitcoin Misery Index (BMI) is a purely technical indicator that is based on the profitability of the average Trades. High values indicate Exuberance and Hype, while low values show that the majority of investors are more likely to be dissatisfied with the current state of the market and the market is difficult to assess.
Since the first bullish price movements in July, Bitcoin lost its drive and the BMI fell slowly but surely over the next few months. The BMI decreased from 67 point to 53. Investment expert Tom Lee of the Fund, entered pointed out that BTC has been living a rather “subdued” the summer through, but as soon as the Index falls below 50, more movement could come in the market. After a “boring” summer of Bitcoin in September, begins with the anticipation of a possible mood reversal.
For those wondering if the Bitcoin Misery Index still is useful. It told us markets would be trendless after July.
– we shared this with our clients on July 30th. https://t.co/CWXdz1jD3i
— Thomas Lee (@Fund entered) 9. September 2019
BTC has remained in an approximate Price range from 9,500 to $ 10,500 stuck. Other Lee used indicators, such as the “Fear and Greed” indicator will remain for the time being, shaky and show no clear direction. Lee expected that the BMI continues to fall and for the coming Secht months may be a stronger upturn is predicted. The Index is not a precise Prädikator, but Fund sees joined more back wind for Bitcoin as against the wind. In addition, macro-economic factors such as a lowered Fed rate and a high degree of Fiat-liquidity a crucial role.
Fund joined the warns continues to be strongly declining volumes, a is the BTC-trade fell within the last 24 to 16 billion USD to 25 billion USD in the more active days in July. Low trading volumes can produce unpredictable price movements and, thus, the market is in volatile turbulent times plunge. Lee even goes so far that he believes that the Bitcoin rally of the year 2017 could be repeated. Nevertheless, he points out that none of his statements a warranty. A negative short-term forecasts for BTC that Bitcoin could fall to 8,500 USD or best if can rise to 11,700 USD, if BTC manages to climb to this level.
