Thomas Lee, Wall Street Strategist and Co-Founder of Fundstrat Global Advisors, Developed an “Index” ‘Contrarian’ BBC) are based on current prices, reports CNBC
The index is called Bitcoin Misery Index (BMI) and was designed as a trading tool for investors to profit from the volatility of BTC exchanges. The BMI is calculated on a scale from zero to 100, taking into account factors such as volatility and the number of winning transactions out of the total. When the indicator is low, the opportunity to buy is at its best, and vice versa.
“ When the bitcoin misery index is at” misery “(below 27), bitcoin sees the best 12 month performance. A signal is generated about each year, “Lee explained to the CNBC in a report on Friday. “ When the BMI is at a level of” misery “, future returns are very good .”
Currently, the Bitcoin index is at 18.8, which is an absolute minimum since September. 6, 2011, the report says.
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Lee’s comments make after a sharp fall in the cryptocurrency market, where the BTC lost nearly 27% just after reaching a weekly high of $ 11,675 on Monday, March 5. A series of negative news intensified concerns in the crypto markets. ]
On March 7, the United States Securities and Exchange Commission (SEC) issued a statement stating that all securities trading platforms are required to register with the agency as a registered dealer. Exchange, published “punishment notice” at seven plus, as representative Although Bitcoin is currently trading at more than 50% of its peak of more than $ 20,000 in December 2017, Lee has not abandoned its optimistic forecast of $ 25,000 by the end of 2018.
T om Lee is known for his bullish prospects for BTC and as “ the only major Wall Street strategist to publish regular reports and formal pricing targets on bitcoin “, according to C