Wall Street Analyst Creates Bitcoin Misery Index for Traders ChainB.com

nOutburst Comments: Thomas Wall Lee, Wall Street strategist and co-founder of Fundstrat Global Advisor, created a “reverse investment index” for investors to help investors understand the “pain” level of bitcoin (BTC) holders based on current prices. . The index is known as the bitcoin misery index (BMI) and is intended as a trading tool to help investors use the volatility of BTC exchanges.n
nTranslation: Clovern
CNBC reported that Thomas Lee, Wall Street strategist and co-founder of Fundstrat Global Advisor, has developed a “reverse investment index” that allows investors to understand how bitcoin (BTC) holders are “painful” based on current prices.n
The index is known as the bitcoin misery index (BMI) and is intended to serve as a trading tool for investors using the volatility of BTC exchanges. BMI is calculated on a scale from 0 to 100, taking into account factors such as volatility and total profitable trade volume. When the index is low, the buying opportunity is at its best, and the opposite is the worst.n
Lee explained to CNBC in a Friday report:n
n“When Bitcoin’s pain index is “painful” (below 27 points), Bitcoin is the best performer in 12 months. It generates a signal every year. When BMI is at the level of “pain,” future earnings are very impressive.”n
nThe report said that the current Bitcoin index is 18.8, which is the absolute lowest since September 6, 2011.n
Before Lee published this comment, the cryptocurrency market ushered in a sharp downturn, and BTC quickly fell by about 27% after reaching its highest point of 11,675 US dollars for the past week on March 5. A series of negative news led people to become more and more concerned about more regulation of the cryptocurrency market.n
On March 7, the Securities and Exchange Commission (SEC) issued a statement that all securities trading platforms must be registered as exchanges in the institution. In addition, the Japanese authorities temporarily suspended the activities of the two cryptocurrency exchanges and issued “penalty notices” to seven other exchanges.n
Although the current Bitcoin transaction price is only a little more than 50% of the historic high of more than 20,000 US dollars in December 2017, Lee has not given up his optimistic expectation of the bitcoin price reaching 25,000 U.S. dollars by the end of 2018.n
CNBC reported that Tom Lee is known for his bullish outlook on BTC and is the only Wall Street strategist who regularly publishes Bitcoin reports and official price targets.n

Leave a Reply

Your email address will not be published. Required fields are marked *