‘Bitcoin Misery Index’ Indicates Now is A Good Time To Buy
The “bitcoin misery index” created by Wall Street strategist Thomas Lee indicates this is a good time to buy bitcoin, according to CNBC. Lee has not changed his midyear price target of $20,000 and his end year price target of $25,000 for bitcoin.
Lee, co-founder of Fundstrat Global Advisors, told CNBC’s “Fast Money” Friday that when the bitcoin misery index falls below 27, bitcoin sees its best 12-month performance. Such a signal comes about every year, the strategist said.
The last four times the index fell below 27 on the bitcoin misery index, bitcoin never failed to rise 12 months later, Lee said.
Last week was a tough one for bitcoin. A major Hong Kong exchange reported on Wednesday that some accounts might have been compromised. At the same time, the U.S. Securities and Exchange Commission increased its scrutiny of cryptocurrency wallets and exchanges. On Thursday, Japan suspended two cryptocurrency exchanges from operating for a month and called for business improvements at five other exchanges.
It was also reported Wednesday that the trustee of the now defunct Mt. Gox exchange sold about $400 million worth of bitcoin and Bitcoin Cash.
https://www.ccn.com/bitcoin-misery-index-indicates-now-is-a-good-time-to-buy/
A heads up. That Cheetah bot is going to get your account blacklisted. It means that they (they being self appointed police whales) think all you are doing is plagiarizing. I have noticed it hitting you a few times now.
I notice that the article doesn't mention that the compromised accounts were all dumbasses who turned their account login info to bots to trade for them. Can't fault the exchange for the actions of careless people.
I wish there was more of a verbal reaction on what the SEC hard talk could mean. I was panicked at first, but not seeing others panicking on their blogs and such, or seeing mass selloff has calmed me a bit.
Oh man. How do I get rid of it? lol Thanks for the heads up!
Jeez.
Yeah it's certainly not the exchanges fault.
All the weak hand sell offs make sense.
First, I would change up how you are doing this. Maybe post the link and add a few comments on how you view it. I would also look into who runs the Cheetah bot and explain you weren't trying to pull a fast one, just trying to stir up conversations on important articles that you have come across. Maybe promise not to just copy/paste anymore and ask if you have been blacklisted could you be taken off as you didn't understand it was viewed dimly here as his bot doesn't say so, it only links to the article while saying it upvotes you. A tacky way to go about what they are doing if you ask me as it leaves the impression it likes what you are doing while in fact it is flagging you for other Steemit accounts to begin targeting you. It would run much smoother if they just came out and said what they were really on about.
A good article. I've seen lots of claims of social media bots being able to predict the price of bitcoin..
There are no indicators in my view, of this kind. As new technology its always plying unchartered waters. Bitcoins higher price rise will come when people feel that it brings something added to their lives and they are comfortable with it. At present bitcoin isn't really being used as a currency, rather its just a storage of wealth...
Good
Nice writing. I hope the anticipation finds