Don’t Freak Out, Bitcoin is Just Following ‘Rule of 10 Best Days’: Fundstrat's Tom Lee

  • Bitcoin is down about 19.60 percent in the past 7 days, having dropped from around $10,350 to below $8,000.
  • Currently, Bitcoin is trading at $8,060 with 24 hours loss of 0.83 percent on Bitstamp.
  • Bitcoin consolidating, however, is not a bad thing, said Bitcoin bull and Fundstrat’s Tom Lee.

A number of reasons support this, points out Lee explaining that BTC has been “overbought and needs to see weaker sentiment.”

Moreover, Bitcoin Misery Index has been saying this since July and BTC is stuck until the S&P 500 ends its “endless macro” period.

The most important thing, he said is reward halving next year and, “Wide range just BTC biding time until halvening.”

Ex-10 best days, Bitcoin down 25% per year

But this crash of BTC price has investors and traders calling for a further drop to $7,500, with some going as far as to below $4,000.

And it might not be long if some starts to question out if crypto winter is really over.

But before everyone starts freaking out whether the brutal crypto winter of 2018 is still over or not, Lee says, “remember the Fundstrat’s ‘rule of 10 best days.’

Lee first talked about this earlier this year, according to which since 2013, the leading cryptocurrency recorded all of its year’s performance in about 10 days. For instance, in 2017, “a total of 12 days” represented the digital asset’s entire year return.

As per this research, the rest of the days, Bitcoin has been down 25% per year.

If an investor doesn’t hold on to his crypto asset through these best 10 days, the Wall Street analyst said the annualized return of the investor would drop to 25%.


BTC is weak in trendless macro

Not just with Bitcoin, the same is the case for the S&P 500, where if an investor doesn’t hold stocks through the 10 best days, the annualized return would drop from 9.2% to 5.4%.

And this why investing in BTC is all about HODLing.

Lee further added, “we believe BTC is weak in trendless macro.”

According to him, Bitcoin won’t make a new high until the S&P 500 makes a new high and the flagship cryptocurrency has been range-bound because of the trendless macro.

Since 2009, he said the best years for Bitcoin has been when the S&P 500 has been more than 15%.

As such, “The S&P being trendless is not good for bitcoin,” he said. “The S&P needs to make a new high before bitcoin can break out.”

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.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[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


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

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