Have you heard about the Bitcoin Misery Index?
It is a sentiment indicator that was developed by Tom Lee of Fundstrat.
This tool was developed for traders to try and time when Bitcoin is a buy or not. The indicator shows a buy anytime sentiment drops below 27.
According to Lee, the time after the indicator drops below 27 provides the best 12 month performance.
On Friday, the indicator hit 18.8 which is the low that was hit Sept. 6, 2011.
https://www.cnbc.com/video/2018/03/09/the-bitcoin-misery-index-says-now-is-the-time-to-buy.html
The last two months have been difficult for the cryptocurrency world. We keep seeing a lot of FUD that further suppresses prices. Because of this, it is easy to get caught up in short term focus. However, for HODLers, it is imperative to keep a longer outlook.
Tom Lee is known for his bullish outlooks for BTC and as the “only major Wall Street strategist to issue regular reports and formal price targets on bitcoin”, according to CNBC.
https://cointelegraph.com/news/wall-street-analyst-creates-bitcoin-misery-index-for-traders
Back on Thanksgiving, the total marketcap for cryptocurrency was $250B compared to $360B now. That is a 44% gain in a little over 3 months. While we are down more than 50% from the high, it is important to maintain a clear perspective.
Development in the blockchain world keeps progressing. Like STEEM, Bitcoin appears to be making strides. It is beginning to scale up with more wallets using SegWit and Lightning just around the corner.
We must note that Bitcoin is still the name that most can identify with. The average person does not even know the name Ethereum. Bitcoin is the target of the mainstream and the one taking all the bullets. Thus, overall, as Bitcoin goes, so does the rest of the crypto world.
Are we about to see a bull run? Yes we are going to see it. The question is how long until it starts. We all know STEEM has a lot going for it yet has crashed in price since the beginning of January. Such is the nature of markets. They do not always reflect what is going on technologically.
Over the next decade, I am highly confident we see a great deal of the economy placed onto blockchain. This means that we are going to witness cryptocurrency replacing fiat as the primary method of payment.
There will be millions of businesses operating on blockchains. This equates to billions of transactions of all kinds taking place. These networks are going to be very valuable down the road.
This is one of the key points the MSM misses. To believe this is about currency is a mistake.
There is so much more going on.
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This fact can never be over emphasized coz it is a known fact. Crypto will take over the world and Fiat would become a secondary means of transaction .
About the sentiment indicator...this is my very first time I am hearing about it. How can we access this indicator? Where can I go to make use of it or read it myself ?
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Yeah, when the market crashes, people often forget where the prices were 1 year ago, 2 years ago or even 3. We are still seeing huge numbers from where it started, even though everything is dropping heavily.
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Back when BTC was only a few hundred dollars. I think those people are still really happy that they invested back then.
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Looking to the long term certainly is the way forward for holders. Like you say, it's easy for many to give in to the constant barrage of FUD articles and posts on social media, and that helps to maintain the bear market for longer. I am not trading at the moment, and am content to hold and watch the market from a safe distance.
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I tried trading, and it's way more stressful and less fulfilling than just making content for Steem. I hold a bit of Steem, but I'm not going to trade Steem and SBD and try to gain more SP.
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“This is one of the key points the MSM misses. To believe this is about currency is a mistake.”
You are 100% correct here. But taking this further, it means that while the technology part is boundless and will grow to permeate all business life, the actual need for tokens is much more limited.
It seems to me ripple is a prime example of that. More and more banks are loving the platform and are willing to work with Ripple Inc., but nobody wants to use the ripple token.
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I totally agree with you. The growth therefore of the usage it therefore not linked to the price of the coin. It should have been. As the coin is like an investment, but it doesn’t have to be, as we see with ripple.
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We have to ride the highs and the lows, I'm not in it for the short term, I'm here to stay. Even though I'm 60. 😂 Well, I hope long term. If it all goes to sh*t at least I met some great people here. To the moon Task. 😎
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If banks start to put big money into crypto, it is end of the system. I can see some mass-media believer screeming "bubble, bubble" when their own fake capital goes to 0.
I also think that ones any kind of big crash starts in fiat-world, Finland will be gone. There is not a one thing I could find from here that wasn't bs. It is very strange when everything is about "brand", even the "Finland" is now somek kind of brand that the goverment is pushing.
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Hello, @taskmaster4450.
You now, earlier this year I read several reports about bitcoin price for 2018 and they stated that it can easily drop down to 5K USD in the first half. Right now the price for 1 bitcoin is 9,019.95$. We haven't reached the bottom yet. And we must be prepared for the bigger drop. But the good part is, same reports predicted that in the second half of 2018 bitcoin price will get back to 15 or even 20K$. And I really believe them and also believe in the bright future for all crypto world. (I wish, I had links to prove my words).
Like you, I am very optimistic about all that is connected with "crypto". Because it is future. The problem is, were in it early stages. And I totally agree with you that we should look long-term instead of short-term. Like everything in this world, "crypto" needs time to develop and to become integral part of our everyday life. We just need to stay patient and don't panic.
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I'm just waiting for my next salary in order to buy some actually; if it stays below $10,000 of course.
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I think that unfortunately the crypto trade is still very much coupled with the overall market risk trade. The problem that I see is that the overall market is still very high and is still holding on to most of the gains from 2017. When this starts to correct speculators will liquidate their crypto positions and move their money to safety plays. For now though, I see another rebound in the crypto prices for the short term or unless some event happens to change things.
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I actually didn't think to look at the market cap to see how much the crypto world has grow in terms of money, and it's nice to see it's still higher than then when thanksgiving was. I'm really excited for what is happening on Steem, and the improvements on the blockchain will defiantly help it grow bigger.
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I have been thinking the same - if I had spare cash it would be a great time to buy! I guess the alternative is to post and earn steem instead. Either way the outlook is good.
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Real revolutionary force is the block chain technology. It will be interesting to see how my the mainstream financial institutions embrace it.
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Good posting.
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Yes its good suggestion I agree with your blog.
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Great posts, success for crypto
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