Consensus 2018 has come and gone and if there’s just one takeaway, it’s this: Tom Lee has some bad timing. Fundstrat’s founder and head of research braced investors for a Consensus-based rally that just didn’t happen. On May 7, Lee wrote to his paying clients, “We expect the Consensus rally to be even larger than past years,” noting that bitcoin gained 69 percent during the Consensus 2017 and 138 percent over the following two months. Since attendance this year was already expected to be triple the 2,700 from last year, Lee argued, bitcoin should expect a big boost. Oops! Instead, bitcoin prices tanked. If one had taken Lee’s recommendation and…
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Wall Street’s biggest bitcoin bull unveils “Bitcoin Misery Index”
Buy when the bulls are miserable, sell when they’re satisfied
The “bitcoin misery index” is the newest stat for crypto traders to agonize over. This financial metric was designed by Fundstrat Global Advisors co-founder and famous bitcoin megabull Thomas Lee. It claims to predict when to buy or sell bitcoin by ascribing a number to how “miserable” it is to own bitcoin at any given moment. The index does this by measuring the 90-day consistency of bitcoin’s price and a few other variables, then spitting out a misery number between 0 and 100. The guideline is to buy when the index is below 27 (investors are trending miserable) and to sell when the index is above 67 (investors are trending…