Tom Lee From Fundstrat: Current Bitcoin Misery Index Never Occurred In Bear Market

The popular founder Tom Lee from Fundstrat is in the latest cryptocurrency news, stating that the current value of Bitcoin (BTC) and its Bitcoin Misery Index (BMI) has never been seen in a bear market. As a guest in an interview published on April 19, Lee noted that through 2018 the BMI has not been over 50 while it now touched a value of 89.

As Tom Lee mentioned, values over 67 have never taken place in a bear market. He noted:

“It means that a bull market is likely starting.”

Lee also explained that when the indicator reported such a high value, “six out of six times there was a drawdown in the market.” According to him, this drawdown averaged to 25% in such instances and in the short term, the market could see a headwind.
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Tom Lee from Fundstrat also stated that this could also mean that investors could be moving their capital to altcoins instead.

Tom Lee from Fundstrat also pointed out that Bitcoin recently broke the 200-day moving average – something which was a topic of many best cryptocurrency news sites. He believes that this is an indicator of Bitcoin’s recovery and a sign that it is happening faster than they expected. This is also in line with what he stated in mid-March when he said that “the key number to watch is the 200-day moving average.”

When touching the topic of a possible breakout, Lee mentioned that the recovery won’t be different than it has been in the past – and that Bitcoin could easily recover to new highs. Still, when he was asked about the new highs for the coin, Lee did not estimated a number and answered that while he believes they will be reached – he does not know when.

The popular Tom Lee from Fundstrat was in the altcoin news for long – although he mainly focuses on Bitcoin price predictions. As he concluded, there are a lot of reasons for the recent trend inversion in the crypto market, some of which are the old and wealthy Bitcoin wallets which have started adding BTC and that this form of transaction activity has also increased the crypto exchange wallets.