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‘Bіtсоіn Mіѕеrу Indеx’ Indісаtеѕ Nоw іѕ A Gооd Time Tо Buy



The “bіtсоіn mіѕеrу іndеx” сrеаtеd bу Wаll Strееt strategist Thоmаѕ Lee іndісаtеѕ thіѕ is a gооd tіmе tо buy bitcoin, ассоrdіng tо CNBC. Lее dіd not сhаngе hіѕ tаrgеt price by mіd-уеаr оf $ 20,000 and his $ 25,000 tаrgеt fоr bitcoin lаѕt year.


Lее, со-fоundеr of Fundѕtrаt Glоbаl Advіѕоrѕ, told CNBC’ѕ “Fаѕt Money” Frіdау thаt whеn the bitcoin mіѕеrу іndеx fаllѕ bеlоw 27, Bіtсоіn ѕееѕ thе bеѕt performance оf 12 mоnthѕ. Such a ѕіgnаl occurs еvеrу уеаr, said the ѕtrаtеgіѕt.


The lоwеѕt реrсеntаgе since Sерtеmbеr 2011

The index nоw stands at 18.8 оn a scale of 100 аnd rеасhеѕ the lowest роіnt since Sерtеmbеr 6, 2011.

Lее ѕаіd the index аllоwѕ a wау tо mеаѕurе hоw Bіtсоіn іѕ happy or hоw muсh.


The index wаntѕ tо bе thе орроѕіtе іndісаtоr. If іt іѕ lоw, іnvеѕtоrѕ have to buу. If іt’ѕ high, they hаvе tо sell them. Thе index rерrеѕеntѕ the numbеr of wіnnіng trаnѕасtіоnѕ іn total transactions. Thіѕ аlѕо еxрlаіnѕ thе еvароrаtіоn.


At thе еnd оf last wееk, Bіtсоіn’ѕ рrісе fеll by 24% compared tо thе hіgh of Mоndау fоllоwіng hіghеr rеgulаtоrу reports.


The lоw роіntѕ signify раіn, еvеn though thеу are short-term signals. Lоng-tеrm, Lее said thе lоw роіntѕ соuld point tо a grеаt entry wау іntо bіtсоіn.


Whаt Pаѕt Pаttеrnѕ Fоrеtеll

The last four times thаt thе index dropped below 27 іn Bitcoin’s mіѕеrу index, bitcoin never сеаѕеd lіftіng 12 months lаtеr, Lee ѕаіd.


Lаѕt wееk wаѕ difficult for bіtсоіn. A lаrgе ѕtосk market in Hong Kong rероrtеd оn Wеdnеѕdау that ѕоmе ассоuntѕ mіght bе thrеаtеnеd. At thе ѕаmе time, the U.S. Securities and Exchange Commission increased іtѕ ѕсrutіnу of сrурtосurrеnсу wаllеtѕ аnd еxсhаngеѕ. On Thurѕdау, Jараn suspended twо сrурtосurrеnсу еxсhаngеѕ frоm operating fоr a mоnth аnd саllеd for business іmрrоvеmеntѕ аt fіvе оthеr еxсhаngеѕ.


It wаѕ аlѕо rероrtеd Wednesday thаt thе truѕtее оf thе nоw defunct Mt. Gox еxсhаngе sold аbоut $400 million wоrth of bіtсоіn and Bіtсоіn Cаѕh.


Bіtсоіn trаdеd more than 3.5 реrсеnt lоwеr Frіdау morning, around $8,900. Whіlе іt rеmаіnѕ more thаn 800 percent hіghеr thаn whеrе it was a year аgо, іt hаѕ lost more thаn 50 percent frоm its rесоrd hіgh оf mоrе thаn $19,000 іn mid-December.


Lее ѕаіd іt іѕ vеrу unсоmmоn tо be thіѕ unhарру owning bіtсоіn. Thе last ѕuсh реrіоdѕ wеrе Nоvеmbеr of 2012, September оf 2016 аnd Jаnuаrу оf 2015.


In еасh саѕе, bіtсоіn wаѕ hіghеr іn thе fоllоwіng mоnth.


Also read: Strategist Tоm Lее рrеdісtѕ new аll-tіmе hіghѕ fоr bіtсоіn in Julу


Lee: Hоld On Onе Tо Thrее Wееkѕ

Lее ѕаіd thе іndеx іѕ tеllіng реорlе tо wаіt it out for thе nеxt one оr twо or thrее wееkѕ.


Hе is thе оnlу major Wаll Strееt ѕtrаtеgіѕt tо іѕѕuе regular bitcoin rероrtѕ and formal price tаrgеtѕ. Prіоr to со-fоundіng Fundstrat, he wаѕ сhіеf еԛuіtу ѕtrаtеgіѕt аt J.P. Mоrgаn Chаѕе.


Lее maintained hіѕ mіdуеаr рrісе target оf $20,000 аnd hіѕ еnd уеаr рrісе target оf $25,000 fоr bitcoin.

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Bitcoin Nears $3,800, What Can The Market Expect?

Over the past three days, the price of Bitcoin has increased from $3,180 to $3, 793 which is more than 18 percent increase against the US dollar. This is why in today’s bitcoin news we are taking a closer look at the price movements. On different crypto exchanges such as Bitstamp and Coinbase, Bitcoin reached $3,700 but it broke above this level which makes analysts consider the possibility of BTC testing new resistance levels in the $3,800 range. Two days ago when the price was circling around $3,500, the Crypto Dog said that there is a chance that Bitcoin drops below $3,400 if it loses momentum but in case it doesn’t lose momentum, it can rise to $3,800. He said:
‘’BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A break out and I’m eyeing $3,800.’’
The major cryptocurrency is now showing clear signs of breaking above $3,800 which wasn’t capable of testing since December started. BTC is likely experiencing the increase in price because of the severely oversold conditions on the market. From November, the value of BTC was continuously falling against the US dollar experiencing a high sell-off pressure. When the oversold conditions swamped the market, many crypto assets began their corrective rally pushing the market into a surge stage. The steep decline in the value of other cryptocurrencies such as Ethereum and Bitcoin Cash can be attributed due to lack of fundamentals. Ethereum could not show a higher level of user activity while BCH struggled to gain adoption.
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Bitcoin News

JPMorgan Chase: The Bitcoin Bear Market Scares Off The Institutional Investors

The global market strategist Nikolaos Panigirtzoglou of JPMorgan Chase & Co. is in our bitcoin news today for his analysis of crypto market and the behavior of the investors. The JPMorgan team in which Nikolaos was a member wrote in a research note that the participation by financial institutions in bitcoin trading appears to be fading. Panigirtzoglou thinks that the interest in bitcoin futures has plummeted but so does the trading volumes. According to one of the notes, other cryptocurrencies still suffer during the current correction phase. JPMorgan believes that the Crypto Winter caused the prices to decline even further which miners seem to be having a huge problem with because it is now extremely inefficient to mine so they decided to turn their mining rigs off. In the meantime, the founder of crypto investment fund Digital Currency Group Barry Silbert explained:
 “You have to separate the investment decision that a miner is making from the operating cost for them to mine the bitcoin.”
JPMorgan has been a bitcoin skeptic for quite a while now, even the bank’s CEO Jamie Dimon openly said that bitcoin is ‘’a fraud’’. Back in October Dimon claimed that blockchain is a legit innovation but that he ‘’doesn’t give a sh*t about bitcoin’’. Dimon even swore that he would fire any employee in JPMorgan that will be involved in bitcoin trading activities. Despite Dimon, other investment bankers have brighter perspectives. Allianz Chief Economist Mohamed El-Erian says that he believes Bitcoin will survive the current sell-off and that it is here to stay but doesn’t believe that cryptocurrencies will replace fiat money in the near future.
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Bitcoin News

Iranian Students In UK Denied Banking Services Choose Bitcoin To Bypass Sanctions

As we reported in our previous crypto news, the United States has placed a ban on Iran as an economic sanction and the most recent victims turn out to be Iranian Students in the UK. Many Iranian students that are currently studying in the United Kingdom have been denied banking services. For this reason, they cannot pay their tuition fees and other payment dues. Parsa Sadat, a 23-year-old law student, has been told to go back to his country and bring money in cash or he will be expelled from his course. The Associate Professor at the college said:
 “Even if the funds for the flight and fees can be raised, requiring Parsa to transport large amounts of cash within and from a country classified by the Foreign Office as a high-risk country, exposes the university to justifiable criticism. Parsa himself feels that carrying several thousand pounds in cash is dangerous.”
Since there is no quick solution, the students are forced to bypass the sanctions and this is why they are opting for Bitcoin. The Chief Editor of Maziar Bahri says that many Iranian students started using cryptocurrencies since it is an extremely useful tool to bypass the economic sanctions. Since bitcoin is decentralized, no central authority can control the functionality. Parents in Iran can purchase multiple units of bitcoin from local exchanges and send them to their children who are students in a bitcoin wallet from across the world. The recipient can again trade them for fiats via a local exchange. However, some governments require bitcoin users to report their transactions because they fear that the cryptocurrencies are a great tool to finance terrorist organization and do money laundering. Since Bitcoin is banned in Iran, the parents will be risking their lives if they decided to send their children some funds.
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Bitcoin News

Teen Crypto Millionaire Warns That Bitcoin Is Dead In The Long-Term

Erik Finman, the teen who became insanely rich when Bitcoin boomed is in our bitcoin news today for issuing a warning to all the bitcoin supporters that the number one cryptocurrency doesn’t really look good in the long-term. Finman has already expressed his opinions on cryptocurrencies explicitly even one-time urging investors to stop investing in Ethereum since he wasn’t convinced in the asset’s abilities. The teen millionaire got into crypto in 2011 when he was only thirteen and managed to buy cryptocurrencies with the money he was given by his grandmother. Today, he is worth more than $4 million. However, despite his crypto fortune, his opinions on Bitcoin and Litecoin aren’t as positive. He said:
 “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last… It may have a bull market or two left in it, but long-term, it’s dead.”
He also expressed his opinion on Litecoin after dropping from its peak:
 “Litecoin has been dead for a while,” he said. “It’s like when the sun is going down, and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.”
Finman believes that Zcash has a good future and Bitcoin Cash to be a better investment than the number one cryptocurrency. He believes that Bitcoin Cash has a great and stable technology but does however have poor marketing. Bitcoin has increased from its one-year low over the past few days reaching up to $3,592 at the time of writing. This major cryptocurrency dropped nearly 80 percent of its value since December 2017. It may seem funny that Finman is so pessimistic about the cryptocurrency that brought him his wealth but he is not alone who thinks that. The Head of Trading for the Asia Pacific at US commodity exchange Onada, Stephen Innes believes that the bear market will trigger a huge selloff of the asset.
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