Thomas Lee: BTC Misery Index Has Never Been Reported During Bear Market

Thomas Lee, the Fundstrat Global Advisors founder pointed out that the currently reported value by the company’s BTC sentiment indicator dubbed the Bitcoin Misery Index has never previously been seen in a bear market. In the latest cryptocurrency news, we are reading more about his interview published a couple of days ago.

According to the interview, Thomas Lee noted that during 2018 the Bitcoin Misery Index has not been over 50. Now it has reached a value of 89 but according to him, each value over 67 has never happened in a bear market. He concluded:

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

Thomas Lee explained that if an indicator reports such a value as mentioned, ‘’six out of six times, there was a drawdown in the market.’’ He continued to explain that the drawback of 25 percent of the average in similar instances and the short-term, the market could see a headwind. He also pointed out that this could show that investors could decide to move their capital to other altcoins instead.

Thomas Lee pointed out that bitcoin reached the 200-day moving average which he thinks that this could bring the recovery of the number one cryptocurrency and is happening faster than expected. This comes as a result with the previously made statements that we covered in our altcoin news when he claimed that ‘’the key number to watch is the 200-day moving average.’’

The breakout could also mean that the recovery won’t be difficult that the one in the past according to Thomas Lee. It can also bring bitcoin to a faster recovery all the way up to new highs. However, when he was asked if the new highs for the number one cryptocurrency achieved this year, he answered that he expects to reach the new levels but doesn’t know when.
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According to Thomas Lee, there are a lot of reasons why the new trend taking over the crypto market. for Example, he explained that the old bitcoin wallets are now getting new doses of BTC and the transaction activity is also increasing with the crypto exchange volumes. The number of active bitcoin wallets sees an uptick as well.