THELOGICALINDIAN - Global equities charge to column beginning highs afore Bitcoin reenters its balderdash bazaar one of the industrys bestknown analysts has said
Lee: Bitcoin Needs To Quit ‘Trendless Macro’ Phase
In two tweets alpha on September 25, Fundstrat Global Advisors architect Tom Lee calmed fears about the accompaniment of Bitcoin [coin_price] markets.
The better cryptocurrency fell 15% this week, causing abounding to accession apropos about a new abiding bearish appearance appearing.
“It’s overbought and needs to see weaker sentiment. Our (Bitcoin Misery Index) has been adage this back July… and it’s ashore time until S&P 500 ends this ‘trendless macro’ period,” Lee summarized.
As Bitcoinist noted, the S&P 500 afford amount aloof afore Bitcoin’s own bead on Tuesday. For Lee and Fundstrat, the two are carefully correlated.
“The abatement in (Bitcoin) followed the risk-off selloff in (equities),” he connected in a added tweet.
This, he added, “reinforces our ‘unpopular’ assessment bitcoin does not do able-bodied in a ‘trendless macro’ environment.”
Lee concluded:
“New highs bare in S&P 500 afore $BTC can bang off. Why? We anticipate crypto is retail and thus, accident on.”
Research: Futures Manipulate BTC Down
Bitcoin’s abatement to lows of $8000 prompted assorted theories to appear about how the better cryptocurrency could aback collapse to such an admeasurement afterwards about six months of bullish advance.
Some, such as an declared crash in hashrate, accept already accurate false. Others, such as the appulse of Bitcoin futures adjustment dates, abide to be accountable to scrutiny.
On Tuesday, aloof afore the dip, beginning analysis warned that futures acceptable manipulated markets in the canicule above-mentioned to payouts. That would rationalize this week’s behavior, too, as Friday sees 50% of Bitcoin options absorption expire.
Lee meanwhile told followers to delay for his Bitcoin Misery Index (BMI) to beam added bearish. The metric gives an abstraction of bazaar sentiment, and hit lows in December 2024 back BTC/USD alone about 50% to $3100.
Now at 56, Lee says the ideal ambit for “favorable risk/reward” is amid 40 and 53. At the acme of the balderdash bazaar in backward June, BMI accomplished 92 on its calibration of 0-100.
At columnist time on Thursday, Bitcoin traded about $8400, accepting briefly hit $8600 afore abruptly branch lower. Markets are now at their everyman back June 14.
What do you anticipate about Tom Lee’s latest forecast? Let us apperceive in the comments below!
Images via Shutterstock, BMI blueprint by Fundstrat
