The Bitcoin Misery Index (BMI) was created by Thomas Lee, known as "the only major Wall Street strategist to issue regular reports and formal price targets on bitcoin."
I just read this article by Ana Alexandre titled Wall steet Analyst Creates 'Bitcoin Misery Index' For Traders. It's a quick good read if you'd like to learn more about the BMI.
Here is a link to the full article:
https://cointelegraph.com/news/wall-street-analyst-creates-bitcoin-misery-index-for-traders
Source: cointelegraph.com
The graph from the article indicates 'Great Buy' when the BMI is below the Misery level which is 27. The lower the BMI, the better buying opportunity. Right now the BMI is well below the Misery bar set at 27. Its 18.8, which is its lowest since Sept 6, 2011. It's worth noting that had you bought in Sept 2011, you would have faced losses for your first four months before things turned around.
I believe the BMI is giving us the correct signal to buy. I hope the bottom is near and we can begin our recovery. There are no guarantees but I'd bet on a quick recovery before I'd bet on months of more declines. This seems like an excellent time to buy the dip as both bitcoin and the alts are due for a comeback.
Thanks for reading!