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- Moving in tandem with US stocks
- Making Bitcoin investors happier
Fundstrat’s analyst Tom Lee believes that Bitcoin’s latest price increase wasn’t just a flash in the pan. The prominent analyst says that the top coin has resumed its bullish rally after the interim “risk-off” period ended.
A lot of ‘signal’ past few days in crypto and #bitcoin
– China (friendly policy)
– New ATH S&P 500 (positive)
– Bitcoin Misery Index bottomed 10/24 at 36 and rebounding (positive)
– Massive price gain on $BTC friday (signal)
Interim ‘risk-off’ ended, and bull market resumes.
— Thomas Lee (@fundstrat) October 28, 2019
Moving in tandem with US stocks
As reported by U.Today, Lee claimed that Bitcoin was ambidextrous, suggesting that it can do just fine in both risk-on and risk-off environments.
Considering that the S&P 500 rallied to a new all-time high on Monday, it might signal that investors’ appetites for risk have grown significantly as of recently.
Earlier, Lee voiced a theory that there is a clear correlation between the US stock market and Bitcoin, but this theory is not popular within the crypto community.
Making Bitcoin investors happier
The prophetic bull also mentioned that the ‘Bitcoin Misery Index’ (BMI), which gauges market sentiment on a scale from 0 to 100, bottomed on Oct. 24 and started to rebound. The massive crypto rally that took place after Chinese President Xi Jinping’s pro-Blockchain comments certainly made holders happier.
As reported by U.Today, the BMI index reached its highest level since 2016 (89) after the Bitcoin price jumped by 20 percent on Apr. 2 and commenced the new bull market.