The Bitcoin Misery Index (BMI) was created by Thomas Lee, known as "the only major Wall Street strategist to issue regular reports and formal price targets on bitcoin."
I just read this article by Ana Alexandre titled Wall steet Analyst Creates 'Bitcoin Misery Index' For Traders. It's a quick good read if you'd like to learn more about the BMI.
Here is a link to the full article:
https://cointelegraph.com/news/wall-street-analyst-creates-bitcoin-misery-index-for-traders
Source: cointelegraph.com
The graph from the article indicates 'Great Buy' when the BMI is below the Misery level which is 27. The lower the BMI, the better buying opportunity. Right now the BMI is well below the Misery bar set at 27. Its 18.8, which is its lowest since Sept 6, 2011. It's worth noting that had you bought in Sept 2011, you would have faced losses for your first four months before things turned around.
I believe the BMI is giving us the correct signal to buy. I hope the bottom is near and we can begin our recovery. There are no guarantees but I'd bet on a quick recovery before I'd bet on months of more declines. This seems like an excellent time to buy the dip as both bitcoin and the alts are due for a comeback.
Thanks for reading!
Interesting and great news!! Resteemed!!
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Now if I only had the money to buy :)
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I'm always a bit skeptical of the rationale behind these types of indices but I do appreciate the optimism - resteemed !
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Its just a misery level, future returns will be good. People who are sad owning the Bitcoin will be even more sad after seeing this news. However, the real players know exactly how this will affect the market.
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At first I thought this was a joke.. but after reading the telegraph article I realize this is real! lol
Tom says: Bitcoin to 25k by end of the year and Im with him on that. I could see myself atleast looking at this index every once in a while...
Followed
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You are a great source of information.
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I have to agree with your assessment of this information. Seems to indicate to buy now and I'm with you, I believe the market is going to recover sooner than later, that being said if it doesn't I still think we will see a similar pattern to 2011 and an eventual recovery even if it takes 4 or 5 months.
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@themightyvolcano yes it's misery, but i am sur that the bitcoin will came back to his glory and fame soon
My respect
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Heck! I need to buy more then. Lol.
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Your theory has a lot of base, I just do not think it should be treated to the crypto market in the same way that the wall street bag is treated, without a doubt the crypto market is volatile. Greetings, excellent work.
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informative post...thanks for sharing...
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Well cryptos got bright future ahead
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This is pretty damn good! Almost like a super long term RSI
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I hope so. I read through your past posts here and they are great. All full of creativity and insight. I'm sorry about bitcoin and even Steem but the tide will turn :)
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