Bullish Signal? Bitcoin Price ‘Misery Index’ Flashes 3-Year High

bitcoin price bear market “likely ended at $3000,” well-known analyst Tom Lee has declared as his ‘bitcoin Misery Index’ (‘BMI’) sentiment tool reaches three-year highs.

BMI Says Bull Market

Lee, who is well known among cryptocurrency traders as a major bullish voice on bitcoin and makes regular mainstream media appearances, highlighted his decidedly un-miserable Index readings on social media April 11.

Lee’s BMI offers a score of 0-100 for bitcoin price, telling traders when to buy and when to sell based on overall market ‘misery.’

A score of 27 or below constitutes ‘buy,’ while anything higher than 67 conversely instructs the reader to sell.

After bitcoin price 00 rose $1300 in days to hit $5330 last week, the BMI saw a dramatic awakening. Having previously languished at 34 at the end of March, its latest reading is 89 – the highest since June 2016.

$3K Was bitcoin Price ‘Bottom’

For Lee, this brings mixed signals, the Fundstrat senior analyst following in the footsteps of veteran trader Tone Vays in declaring the bullish momentum behind bitcoin may not mean an unequivocal reversal.

Unlike Vays, however, he suggested that the main message behind bitcoin price was that it was unlikely to drop below $3000 any longer – while Vays has kept up to $1000 in play.

“The main takeway (sic) is that BMI reaching 67 is further evidence the bear market for bitcoin likely ended at $3,000,” Lee summarized.

The upturn likely caught Lee, along with many others, by surprise. Prior to the surge, Lee had even pledged to stop giving bitcoin price forecasts.

“Because of the inherent volatility in crypto, we will cease to provide any timeframes for the realization of fair value,” he told Fundstrat clients in December.

Eyes On $5900

Also perking up are various bitcoin network indicators and external measures, adding weight to the theory that the largest cryptocurrency’s darkest days are now behind rather than ahead of it.

As Bitcoinist reported earlier this week, the reemergence of the so-called ‘Kimchi Premium’ – a surcharge for bitcoin purchases on South Korean exchanges – excited commentators. Like Lee’s high BMI readings, the Premium has only appeared in bitcoin bull markets.

The phenomenon closely followed fresh action from China, where traders appeared to be sidestepping highly-restrictive regulatory structures to invest in cryptocurrency via stablecoin Tether, also at a premium in fiat terms.

At press time Friday, bitcoin price has recovered modestly to nearly $5100 through the day after falling from highs of $5440.

With the exception of momentary blips, bitcoin has now held onto support at $5000 since April 5. Bitcoinist on Wednesday projected a short-term price target of around $5900.

What do you think about the bitcoin price and bitcoin Misery Index? Let us know in the comments below!

Images via Tradingview.com, Shutterstock

The Rundown

Published at Fri, 12 Apr 2019 14:00:02 +0000

July 23, 2017

Virtual Reality Business Networking on The Blockchain

Shares Per Hour, better known as SPH, takes business networking to the next level using the innovation of virtual reality (VR) and blockchain technologies.

[Note: This is a press release.]

You’re probably familiar with LinkedIn, if not, it’s a site where professionals can connect & network with each other through a website and mobile app. These current web and mobile app based services are fast becoming hard to use and outdated. SPH brings new life and excitement to the world of “Business Networking”, incorporating distributed technology that brings people closer together than ever before.

The improvements come from utilizing the three leading technologies in computer science: VR; Blockchain and Artificial Intelligence. Let’s take a more in depth look at how these breakthrough technologies aid in improving coordination, leading to increased productivity and time savings for businesses and everyday life.

Virtual Reality (VR) Virtual Reality Becomes the New User Experience (UX)

Shares Per Hour demonstrates the power of a deeply immersive work space. No longer are you limited to the size of a computer screen or mobile phone. Now your entire field of vision is accessible and functional. Don’t worry about access to your legacy desktops and cell phones, you still have them right there in the virtual office space of your choice.

There’s no need to pull your cell phone out of your pocket, instead, you can instantly see your phone’s screen and resize it however you like in futuristic holographic representations right in virtual reality. The same goes with your desktop screen and even your team members computer screens. Instantly teleport over to your co-worker’s office to collaborate, even at the virtual beach.

SPH expands much further into the VR immersive user experience but we will first explain the foundation that Virtual Reality will sit on, distributed ledger blockchain technology.

Blockchain Allows SPH to Progress Past a Simple Business Networking Project

The blockchain enables smart contracts to be created between parties. After negotiating a deal in the virtual world, users can close the deal with a “virtual hand shake” backed up by a smart contract running on the blockchain. Secure “per hour” payment plans can be set up in place between users.

User studies have shown “per hour” deals are the quickest to close and begin, Workers actually receive payment every hour, in real time, which aids in the workers’ confidence. Employers are protected through the collaborative UX and the reputation system. We will talk more about this in the artificial intelligence section.

Artificial/Virtual Intelligence (AI/VI)

A great thing about the blockchain is the ability to source it for data, collecting and analyzing this public data for future use. Sourcing data is key to creating a useful AI. A top SPH feature using AI is the VR hiring agent or what some people might call a VR head hunter. This is where users go through a more personal and immersive experience describing themselves and their ambitions to a virtual hiring agent who can aid in determining where they best fit into the digital work force.

The same process happens with employers. In the end, AI/VI algorithms are used to match employees and employers together and schedule interviews. AI is not used to do smart contracts between users. Users interact with each other in the virtual world and come to agreements. AI is used to save time and the human interaction is used to make final confirmations on business networking agreements.

For More Information

If you would like to learn more about SPH, visit the official website: https://SharesPerHour.com.

Read the in depth technical blackpaper or view the friendlier overview and demo videos. The ICO token sale is currently under way. It’s free to join the website. We strongly recommend joining the website since registration for the website will close 72 hours prior to the end of the ICO. Only previously registered members will be allowed to participate in the ICO during the last 72 hours.

Images courtesy of Shares Per Hour

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