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Tom Lee: Bitcoin will top $10,000 in 2019

According to the head of Fundstrat Global Advisors and crypto’s resident bullish augur, Tom Lee has spoken: Bitcoin will top $10,000 before the end of 2019…
Tom Lee: Bitcoin will top $10,000 in 2019
This months Bitcoin pump had revived the market and given life and rise to new bullish sentiment from all over the crypto sphere and Lee is no exception.
Speaking to MarketWatch the analyst suggested that Risk appetite is positive for Bitcoin, adding that “If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for vol [volatility] that’s building a base case for bitcoin.”
Due to this, in Lee’s estimation, Bitcoin could top $10,000 sometime this year. Talk about Bullish…
Lee has laid down much positive sentiment this year, including last week when he called the end of the bear season, telling Bloomberg that bitcoin was “now in a bull market.”
Interestingly, Lee also recently provided another bullish prognosis based on his self formulated Bitcoin Misery Index” (BMI)
This BMI – created by Lee- relays just how “miserable” Bitcoin holders are, based on the coin’s price and volatility. According to Lee, the BMI reached 89 out of 100 (100 being positive 0 spelling dejected misery)
In Lee’s estimation this is a good sign because since 2011 these levels have only been displayed during bull markets:
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 bull markets. More evidence bull starting.

Bad --> BMI >67 after peak, falls ~25% = Profit taking ST.
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2/ The main takeway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000
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Let’s hope he’s right…




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