Bitcoin Misery Index: Tom Lee's To Buy Or Not To Buy BTC Signals

According to a new Bitcoin Index, now is the best time to purchase Bitcoin. According to the creator of this index, a signal is generated about once a year. The creator of the index said that the misery index was at its misery, or below 27. He said that he expected the bitcoin to see its best performance in 12 months after this.

Where Is The Bitcoin Misery Index Right Now?

The report for the misery index shows that it is at 18.8. This was the lowest it had been since September 6, 2011. According to its creator, this index was simply a way to measure how happy or sad people were to hold on to bitcoin. On Friday last week, the index was at about 18.8 out of a possible 100. This showed that those who own bitcoin felt quite horrible right now.

Just like other sentiment indicators, the misery index is meant as a contrarian indicator. When the index is low, that is the time to buy. When the index is high, investors should sell. Some of the factors considered for this index include things such as the number of winning trades out of all trades and the volatility.

This report was released after a very tough week for the Bitcoin. The crypto coin lost about 24 percent of its value from a high hit on Monday. This was after the release of a few reports, which have raised concerns about increased regulatory scrutiny.

In the short term, the low points signal pain. However, in the long term, this could be a great way for investors to make an entry into bitcoin. The creator of the index noted that in all the other instances when the index had been below 27, there was not an instance when the Bitcoin had not risen 12 months later.

News About Crypto That May Be Affecting Its Price

On Wednesday, a major Hong Kong exchange said that some of its accounts were hacked. Meanwhile, the US Securities Exchange commission expanded scrutiny to cover exchanges and wallets. In Japan, the regulator suspended all operations at two exchanges for a month and ordered five others to make improvements.

Another incident that affected sentiment on Wednesday was the revelation that Mt. Gox’s trustee had sold over $4000 million in Bitcoin and Bitcoin Cash. By Friday morning, the price of Bitcoin had fallen by about 3.5 percent. However, despite this dip, the digital currency is still 800 percent higher than it was 12 months ago. However, it has fallen by over 50 percent from its high of $19,000 in mid-December 2017.

Tom Lee's To Buy Or Not To Buy BTC Signals

The creator of the index said that it was quite rare for people to be miserable about owning Bitcoin. However, every time it dipped to such a low, the price was higher a month later. Thomas Lee, the man behind the index, is the only major strategist on Wall Street who issues regular reports and price targets on BTC. He previously worked as the chief equity strategist at J.P. Morgan Chase.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,268FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

ETH Locked on Aave & Uniswap Records a Sharp Rise

Decentralized Finance (DeFi) is back to recovering, currently at over $11 billion, reaching an all-time high of nearly $12 billion from last week, as...

Alameda Research and Three Arrows Capital Outdoing Each Other to Mint Record WBTC

On Friday, FTX CEO Sam Bankman-Fried’s Almeda Research minted the biggest wrapped Bitcoin (WBTC) ever, as per WBTC Network. 2317 BTC was minted on Sept....

“Nothing Compares to My Bitcoin Bet,” Says Social Capital CEO Chamath Palihapitiya

Bitcoin was the best performing asset of the last decade, and in 2020, it remains a winner again. Compared to the S&P 500 hitting a...

The XRP Ledger Foundation Launches To Accelerate XRPL Adoption And Development

The XRP Ledger Foundation, a non-profit, announced its official launch on September 24. The Ledger Foundation would be responsible for supporting the development as...

Bitcoin Trading Like a ‘High Beta' But Social Sentiment Remains Subdued

After a somber start of the week, Bitcoin is all set to end it on a higher note. In the late hours of Thursday, the...

Ant Group Launches Blockchain-Powered Cross-border Trade Settlement Platform ‘Trusple'

Ant Group, owner of mobile payment app Alipay, launched a blockchain-powered platform for cross-border trade settlements this week. The move came ahead of its...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today