Bitcoin Misery Index shows that now is the best time to buy Bitcoin
As reported by CNBC, Bitcoin Misery Index, created by the strategist with Wall Street, Thomas Lee, indicates that now is the time to buy Bitcoin. Lee did not change his target price in 20 000 US dollars, and his estimate of the value of the most popular crypto currency in the world by the end of the year is 25 000 US dollars.
Lee, co-founder of Fundstrat Global Advisors, under the heading "Fast Money" on CNBC said that the Bitcoin Misery Index has reached the mark of 27, which is the best indicator for the last year. According to the analyst, this happens every year.
At the moment, the index is 18,8 on the 100 scale, which is the lowest since 6 September 2011. Lee said that the index is intended as an indicator. When it is low, investors should buy this crypto currency, and when it is too high, it is best to sell their assets. The index takes into account the number of successful transactions from the total number. This also explains volatility.
At the end of last week, the price of Bitcoin fell by 24%
In general, the whole of last week was very unfavorable for Bitcoin. On Wednesday, a major Hong Kong stock exchange reported that some accounts may be compromised. At the same time, the Securities and Exchange Commission of the United States of America increased control over wallets and exchanges. On Thursday Japan suspended the actions of two currency exchanges for a period of one month, and also demanded changes in the activities of five more exchanges.
It was also reported on Wednesday, that the Mt.Gox exchange sold the most popular crypto currency in the amount of 400 million dollars.
Author: Andrey, analyst of Freedman Club Crypto News
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