In line with a recent official ‘tweet‘ published by renowned Bitcoin [BTC] visionary and Fundstrat Global Advisors co-founder ‘Thomas Lee’, revealed that the Bitcoin Misery Index ‘BMI’ hit its highest figure since June 2016 which could be a both good or a bad sign.
The BMI — that Lee designed with the vision of informing investors of how “miserable” Bitcoin [BTC] holders are concerning the coin’s worth and volatility – reportedly hit a figure of around 89 on 2nd April. The Index assigns a figure of 100 to positive sentiment and zero to outright misery.
As per Lee, the very fact that Bitcoin has reported its highest reading since June 2016 kind-off presently offers mixed signals. He predicted 2 possibilities of the index, ‘adding‘ that:
“Good–> Since 2011, BMI >67 solely seen during $BTC bullish markets. Alot more evidence bull beginning. Bad –> [BMI] >67 after the peak, $BTC falls ~25% = Profit taking ST.”
In an additional tweet within the same thread, Lee ‘added‘ that “the main take-away is that BMI reaching 67 is more evidence the bearish market for Bitcoin [BTC] possibly concluded at $3,000 USD.”
As reported earlier, Lee – a widely known Bitcoin bull – has used the BMI as a measure of capitalist sentiment and to assess Bitcoin’s price ‘resilience‘ and immediate prospects since he 1st ‘launched‘ the index, earlier in March last year.