BMI Flashes A Bull Signal, Crypto Billionaire Doubles Down On His $250,000 BTC Price Prediction

BMI Flashes A Bull Signal, Crypto Billionaire Doubles Down On his $250k BTC Price Prediction

The market has turned yet again green with Bitcoin rising 0.98 percent in the last 24-hours to $5,085 while managing the daily trading volume of $341 million as per Messari’s Real 10 24-hr volume.

Bitcoin Bottom Already Hit But 25% Drop Can Still Come

In the short term, Bitcoin is expected to make a correction to about $4k level and if it keeps on surging and breaks $6k, a strong move like that would give official confirmation of a bull rally, according to industry experts.

Bitcoin bull and Fundstrat co-founder Tom Lee says the proprietary Bitcoin Misery Index (BMI) of his company just hit a three-year high at 89. This is a sign that Bitcoin has already hit a bottom.

Featuring a scale from 0 to 100, the BMI is designed for investors to see how “miserable” Bitcoin holders are. As explained by Lee, when this index is at “misery” that is below 27, BTC sees the best 12-month performance. When the BMI is at misery level, the future returns are

“very good.”

The current score of 89, according to Lee has been seen only during the bull markets. Though it shows the bear market has ended, he cautions that in the short term Bitcoin profit-takers may cause the flagship cryptocurrency to drop as much as 25 percent that is to around $3,743 before it climbs back up.

“The main takeaway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000.”

Bitcoin Going To $250,000 In 2023

In the long term, a new peak is projected for BTC in the coming years. Bitcoin bull and crypto billionaire recently in a YouTube interview with @cryptowendyO doubled-down on his $250,000 price prediction for BTC in around 2023.

“I think eventually they’ll spend it when they feel like the value has come to a pretty good place. But, $250,000 per Bitcoin in 2022 is what I predicted. It might be 2023, but it’s in that range. And that’s only a 5% market share of all the currency in the world. So, I can see why people who are real believers are holding on.”

He further emphasized on Bitcoin the digital gold is a better store of value than the yellow metal, gold itself.

“Gold is so gone. What would you use gold for when you can store value with Bitcoin? It’s nonsense. But I’m sure a lot of people still do it, and they think of the gold standard as the good coin. But I look at it and I say, ‘What? You’re comparing Bitcoin to gold?’ It’s like 10 generations from when we used gold to transfer value.”

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