Cryptocurrency

Bitcoin Misery Index points to new Bull Run

The Bitcoin Misery Index, a technical indicator for Trades, declined throughout the summer. The indicator drops to 50 points, a level at which the Bitcoin could start rates to rise, says Tom Lee from the Fund occurred.
The Bitcoin Misery Index (BMI) of Fund a technical indicator based on the profitability of average Trades is entered. High values for the Index indicate Exuberance and Hype, while low values show that most of the investors are “unhappy” and the market is hard to navigate.

Bitcoin Bounce

Since the strong price movements in July, flattened in Bitcoin, and the Bitcoin Misery Index deflated in the course of the months. The BMI decreased from 67 to 53. Investment expert Tom Lee of the Fund, entered pointed to the fact that Bitcoin had a “boring” summer, but with the Index below 50 more significant movements are possible.

After a “trendy” summer of Bitcoin in September, begins with the anticipation of a possible mood reversal. Bitcoin is currently operating in a range of between 9,500 and $ 10,500 in $. Other indices, such as the indicator for the “Fear and Greed”, will remain shaky. The fear is not extreme, but BTC is still a bit directionless.

Time in the direction of FOMO?

Lee expected that the BMI will be the beginning of September, in the range between 50-53 points. On this level is predicted, therefore, for the next six months, a potentially greater appreciation. The Index is not a precise indicator, but the Fund entered looks more back than against the wind for Bitcoin. In addition, macro-economic factors such as a lowered Fed rate and a high degree of Fiat-Verrwässerung a role.
Fund, Trat warned of falling volumes because of the BTC trade went back within 24 hours to 16 billion dollars, compared with 25 billion in July. Lower volumes can also lead to unpredictable, dramatic price movements.
Fund came to believe that the crypto-Winter is behind us, but a rally is not guaranteed. A negative short-term forecasts for BTC before the Coin moves to 8.500 $. A rally could start at prices of about 11.700$, if BTC is to succeed, to have a rest on this margin.
Text evidence: bitcoinis, christine vasileva

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.