Bitcoin price bear market “likely ended at $3000,” well-known analyst Tom Lee has declared as his ‘Bitcoin Misery Index’ (‘BMI’) sentiment tool reaches three-year highs.
BMI Says Bull Market
Lee, who is well known among cryptocurrency traders as a major bullish voice on Bitcoin and makes regular mainstream media appearances, highlighted his decidedly un-miserable Index readings on social media April 11.
Lee’s BMI offers a score of 0-100 for Bitcoin price, telling traders when to buy and when to sell based on overall market ‘misery.’
A score of 27 or below constitutes ‘buy,’ while anything higher than 67 conversely instructs the reader to sell.
After Bitcoin price 00 rose $1300 in days to hit $5330 last week, the BMI saw a dramatic awakening. Having previously languished at 34 at the end of March, its latest reading is 89 – the highest since June 2016.
$3K Was Bitcoin Price ‘Bottom’
For Lee, this brings mixed signals, the Fundstrat senior analyst following in the footsteps of veteran trader Tone…