Eduard Watson

6 months ago

A week has passed since the bulls made their presence known in the crypto space in 2019.

Bitcoin-related predictions continue, and they’re still bullish.

Tom Lee says there's a bull indicator

Wall Street analyst Tom Lee has recently noted that this company’s proprietary Bitcoin Misery Index (BMI) has just hit a three-year high of 89.

This is a sign that the price of BTC has already hit a bottom. More experts and crypto analysts have said that Bitcoin has hit a bottom this year and we’re out of the long crypto winter, and Lee confirms this.

The BMI features a scale from 0 to 10, and this is designed to provide investors a look at how “miserable” BTC holders are, based on the digital asset’s volatility and price, says The Daily Hodl.

Back in 2018, Lee described the mechanics of the scale to CNBC:

“When the Bitcoin misery index is at ‘misery’ (below 27), Bitcoin sees the best 12-month performance. A signal is generated about every year. When the BMI is at a ‘misery’ level, future returns are very good.”

We might be in a bull market

According to Lee, the current score of 89 has only been seen during bull markets and “the main takeaway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000.”

On the other hand, in the short term, the number also shows that BTC profit-takers may cause the crypto to fall as much as 25% before climbing back up, which would bring the price down to about $3,743.

Recently, we also reported that CNBC contributor Brian Kelly says that Bitcoin is heading for brand new all-time highs.

He said that he believes this will happen over the next couple of years, so it’s not a prediction for the short term.

“Without question – this next cycle. You’re talking probably a two-year cycle. In 2020, the supply of Bitcoin is going to get cut in half. The cycle for Bitcoin is usually about a year before to a year after. So over these two years, you will likely get this big upswing, particularly if the institutions come in, and I think we surpass all-time highs,” he said.

People Mentioned

Justin Sun

Founder of TRON (TRX)

Coins Mentioned

Justin Sun

Founder of TRON (TRX)

Companies Mentioned

Justin Sun

Founder of TRON (TRX)

Justin Sun

Founder of TRON (TRX)

+ 1.45%
Icon
Nitrogen Sports

Lorem Ipsum is simply dummy text of the printing and typesetting indu...

Icon
SportBet.io

Lorem Ipsum is simply dummy text of the printing and typesetting indu...

Icon
7bitcasino

Lorem Ipsum is simply dummy text of the printing and typesetting indu...

Icon
FortuneJack

Lorem Ipsum is simply dummy text of the printing and typesetting indu...

Icon
Binance

Lorem Ipsum is simply dummy text of the printing and typesetting indu...

Icon
Kraken

Lorem Ipsum is simply dummy text of the printing and typesetting indu...

Top Exchanges
Icon
Binance

4.93

Read Review - Website

Icon
Kraken

4.10

Read Review - Website

Icon
Binance

4.93

Read Review - Website

Top Casinos
Icon
7bitcasino

4.20

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Icon
BitStarz

4.93

Read Review - Website

Trending news

Advertise

Trending news

Top Exchanges
Icon
Binance

4.93

Read Review - Website

Icon
Kraken

4.10

Read Review - Website

Icon
Binance

4.93

Read Review - Website

Icon
Gemini

4.85

Read Review - Website

Icon
Kraken

4.10

Read Review - Website

Top Casinos
Icon
7bitcasino

4.20

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Icon
BitStarz

4.93

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Icon
7bitcasino

4.20

Read Review - Website

Top Sportsbook
Icon
Nitrogen Sports

4.73

Read Review - Website

Icon
SportBet.io

4.60

Read Review - Website

Icon
Nitrogen Sports

4.73

Read Review - Website

Icon
SportBet.io

4.60

Read Review - Website

Icon
1xBit

4.0

Read Review - Website

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

1345 Articles
7255 Followers