Have you heard about the Bitcoin Misery Index?
It is a sentiment indicator that was developed by Tom Lee of Fundstrat.
This tool was developed for traders to try and time when Bitcoin is a buy or not. The indicator shows a buy anytime sentiment drops below 27.
According to Lee, the time after the indicator drops below 27 provides the best 12 month performance.
On Friday, the indicator hit 18.8 which is the low that was hit Sept. 6, 2011.
https://www.cnbc.com/video/2018/03/09/the-bitcoin-misery-index-says-now-is-the-time-to-buy.html
The last two months have been difficult for the cryptocurrency world. We keep seeing a lot of FUD that further suppresses prices. Because of this, it is easy to get caught up in short term focus. However, for HODLers, it is imperative to keep a longer outlook.
Tom Lee is known for his bullish outlooks for BTC and as the “only major Wall Street strategist to issue regular reports and formal price targets on bitcoin”, according to CNBC.
https://cointelegraph.com/news/wall-street-analyst-creates-bitcoin-misery-index-for-traders
Back on Thanksgiving, the total marketcap for cryptocurrency was $250B compared to $360B now. That is a 44% gain in a little over 3 months. While we are down more than 50% from the high, it is important to maintain a clear perspective.
Development in the blockchain world keeps progressing. Like STEEM, Bitcoin appears to be making strides. It is beginning to scale up with more wallets using SegWit and Lightning just around the corner.
We must note that Bitcoin is still the name that most can identify with. The average person does not even know the name Ethereum. Bitcoin is the target of the mainstream and the one taking all the bullets. Thus, overall, as Bitcoin goes, so does the rest of the crypto world.
Are we about to see a bull run? Yes we are going to see it. The question is how long until it starts. We all know STEEM has a lot going for it yet has crashed in price since the beginning of January. Such is the nature of markets. They do not always reflect what is going on technologically.
Over the next decade, I am highly confident we see a great deal of the economy placed onto blockchain. This means that we are going to witness cryptocurrency replacing fiat as the primary method of payment.
There will be millions of businesses operating on blockchains. This equates to billions of transactions of all kinds taking place. These networks are going to be very valuable down the road.
This is one of the key points the MSM misses. To believe this is about currency is a mistake.
There is so much more going on.
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