Bitcoin’s sudden spike on April 02, 2019 has stirred up a lot of belief that the bull run for Bitcoin has already begun, however, some disagree and believe that it is yet to bottom. Fundstrat’s Thomas Lee tweeted his opinion which stated that Bitcoin has “likely” hit the bottom and it is on a bull run.
The Bitcoin Misery Index reached 89 on 4/2. Highest reading since June 2016. Means good and bad.
Good–> Since 2011, BMI >67 only seen during $BTC bull markets. More evidence bull starting.
— Thomas Lee (@fundstrat) April 11, 2019
In his tweet, Lee spoke about Bitcoin’s Misery Index, which measures the momentum of Bitcoin based on the trading activity and the price. BMI is the ratio of winning trades to total trades, and also takes into account the volatility into a daily score, which is measured on a scale of 0 to 100.
According to Lee, Bitcoin is “miserable” if the BMI is below 27, which means that Bitcoin has reached its lows and it would be a good buy signal. If the BMI is above 67, it is bad, as Bitcoin would be on a bull run and is closer to peaks, which would be a good sell signal.
Lee also mentioned that the BMI was at 89, which is an all-time high for Bitcoin since 2011 and it meant that Bitcoin had bottomed and the bull run had already begun.
With the above explanation, Lee said that Bitcoin’s bull run might have begun. He summed up his tweet saying:
“The main takeway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000”
Lee is well-known for his predictions on Bitcoin as he recently tweeted another bullish proof for Bitcoin. He said that Bitcoin had moved above the 200-day moving average, which was a bullish indicator for Bitcoin. Lee added that BTC’s ascent above the 200-day moving average had a higher win ratio in comparison to moving away from the 200-day moving average.
Reminder that BTC generally generates all of its performance within 10D of any year.
–ex the top 10 days, BTC is down 25% annually since 2013”
@_Dumb_Genius, a Twitter user, commented:
“Interesting that BMI recently bottomed in April 18 and then rose but this did not signal actual cycle bottom, just a dead cat bounce followed by a false floor (6K), then capitulation in Nov/Dec 18 (which was still higher BMI than April 18). Is BMI capturing the right things?”
“This is an index designed to measure sentiment, so it’s not really going to line up with price peaks and troughs”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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