Thomas Lee, Wall Street strategist and co-founder of Fundstrat Global Advisor, created a “reverse investment index†for investors to help investors understand the “pain†of bitcoin (BTC) holders based on current prices. The index, known as the Bitcoin Pain Index (BMI), is intended as a trading tool to help investors take advantage of the volatility of BTC exchanges.
CNBC reported that Wall Street strategist and Fundstrat Global Advisor co-founder Thomas Lee developed a "reverse investment index" to let investors know how bitter the bitcoin (BTC) holders are based on current prices.
The index is known as the Bitcoin Pain Index (BMI) and is intended as a trading tool for investors to exploit the volatility of BTC exchanges. The BMI is calculated on a scale of 0 to 100, taking into account factors such as volatility and the number of total profit transactions. When the indicator is low, the buying opportunity is at its best, and vice versa.
Lee explained to CNBC in a Friday report:
“When the bitcoin pain index is in 'pain' (below 27 points), Bitcoin performs best in 12 months. A signal is generated every year. When the BMI is at the 'pain' level, the future benefits are extremely impressive.â€
According to the report, the current bitcoin index is 18.8, which is the absolute lowest since September 6, 2011.
Just before Lee made this comment, the cryptocurrency market ushered in a round of plunge. After the BTC reached its highest point of $11,675 on March 5, it fell rapidly by about 27%. A series of negative news has led to growing concerns about more regulation of the cryptocurrency market.
On March 7, the US Securities and Exchange Commission (SEC) issued a statement stating that all stock exchanges must be registered as an exchange at the institution. In addition, the Japanese authorities temporarily suspended the activities of the two cryptocurrency exchanges and issued a “penalty notice†to the other seven exchanges.
Although the current bitcoin transaction price is only a little more than 50% of the historical high of more than $20,000 in December 2017, Lee has not given up his optimistic expectation that bitcoin prices will reach $25,000 by the end of 2018.
CNBC reported that Tom Lee is known for his optimistic outlook for BTC and is "the only Wall Street strategist who regularly publishes bitcoin reports and official price targets."
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