Wall Street Bitcoin Bull Sees Buy Sign By Investing.com

Investing.com – is slumping again, but Wall Street’s leading crypto bull sees a buy sign.
Fundstrat Advisors strategist Tom Lee says that his Bitcoin Misery Index is at a level that’s been a bullish leading indicator in the past.
In a note to investors, Lee says that when the index is below 27 the price of bitcoin does well in the next 12 months.
Lee says that’s been the case the four previous times the BMI fell below 27: September 2011, November 2012, January 2015 and September 2016.
The index is currently at 18.8, its lowest level since September 2011. The BMI, which spans zero and 100, is a contrarian indicator. A low score means buy. A high score means sell. A reading over 67 is a sell signal.
Lee is the only Wall Street strategist to have price targets for bitcoin. His forecast calls for bitcoin to hit $20,000 by mid year and $25,000 by year end.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Download Our Free Course Video

Sign up today & get access to our CryptoCurrency Course Library.





Source link

Related Posts

Add Comment