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. – CNN
Bitcoin News from a typical Google Search
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. – CNN
“The bitcoin misery index is meant to be a contrarian indicator. When the misery index is low, investors should buy, and vice versa. The index takes into account factors such as the number of winning trades out of the total and volatility.” – CNBC
All I can say is that Bitcoin is still the wild west of investing, with Warren Buffett Saying it is a Bubble and “most likely “heading for a bad ending”, and JP Morgan’s Jamie Dimon attacking and then rescinding his opinion on bitcoin.
Regardless of the passionate comments made by all parties when Bitcoin is mentioned, we can be sure that volatility and controversy will carry the day, as the market indices are created, compared, publicised, and mulled over.
Best of Luck, and “To the Moon”
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