Fundstrat CEO, Tom Lee, who often has a positive thing or two to say about the market, was interviewed by Cointelegraph, where he said that a bull market is likely starting.
The interview covered a range of topics, including Fundstrat’s Bitcoin Misery Index (BMI), a market sentiment indicator. Lee refers to this index when making his statement about the likelihood of a bull market around the corner.
Stating that, during 2018, the BMI was never above 50, while this year it has gone as high as 89 (the higher, the more positive the sentiment). Lee says that a number over 67 has never taken place during a bear market and goes on to say,
It means that a bull market is likely starting.
And as he once pointed out on CNBC, the 200 day average is an important technical indicator for Lee. He then says,
Bitcoin will stage a pretty big recovery sometime this year and easily recover to its new highs, exceed old highs.
As more evidence for an upward trend, Lee points to the increasing activity on cryptocurrency exchanges and the fact that old wallets have begun to show more activity.
Earlier this year, Lee said that bitcoin’s “fair price” is about $14,800, and that a bull market would begin in a rough window of about 6 months. Lee’s company Fundstrat has a mostly optimistic outlook for the market, releasing a report that indicated that market fundamentals would improve in 2019.