Do you often wonder when is the best time to buy bitcoin? According to a new bitcoin "misery index" created by a Wall Street strategist, now is the perfect time to buy some bitcoins.
"When the bitcoin misery index is at 'misery' (below 27), bitcoin sees the best 12-month performance," Fundstrat Global Advisors co-founder Thomas Lee said in a Friday report. "A signal is generated about every year."
Now the bitcoin misery index is at 18.8, its lowest since Sept. 6, 2011, the report said.
"Think of this index as a way to measure how happy or sad you are owning bitcoin," Lee told CNBC on "Fast Money" Friday evening. Let's admin, we the bitcoin hodlers are miserable right now.
The last time when Bitcoin was a great buy the price was around $900 according to the index. What a desperate time that was!
The index takes into account factors such as the number of winning trades out of the total and volatility. We often forget that crypto and bitcoin has just begun their journey so buying bitcoin even at $20K is still a good decision if you look at it 5 years ahead from now.