A tracker called the Misery Index has been developed by Fundstrater’s Tom Lee which tracks and indicates a good time to purchase Bitcoin. The price of Bitcoin is now 9370 dollars, which is good enough to invest in according to the tracker. Lee has reiterated his earlier forecasting that Bitcoin will hit 25000 dollars in the end of 2018. The crypto mania is raging amongst investors but it has been disappointing for those who invested in Bitcoin in December 2017.
Tom Lee predicts estimations and targets of Bitcoin price on a regular basis. The principle of Misery Index is to do the exact opposite of what everyone else is doing. The indicator oscillates between 0 and 100 seconds. According to the strategy of contrary investment, investors should only invest when the misery indicator is at 0 and sell the Bitcoin when the mark is at 100. The indicator also takes into account its volatility and winning bids in trades.
Lee is certain that Bitcoin will rise to 20000 dollars by June. Within a week the price of Bitcoin plunged down by 20% owing to strict regulations in the two major markets of cryptocurrencies viz the US and Japan. Binance suffered erratic fluctuations in trading due to a malicious software application that was considered as hacking.
However, the situation got worse, when the Japanese platform of crypto currency exchange liquidated a part of the company’s crypto stock to an amount of 400 million dollars in September 2017. Kobayashi has decided to sell off the outstanding 1.9 billion dollars of cryptocurrency to avoid further loss. The trustee is now in charge of 220000 Bitcoins in its reserves, that has remained after the hackers had tapped off with 800000 Bitcoins over a span of 3 years.
Lee has confirmed that the sale of the crypto assets by Mt Gox is the biggest selling out of crypto currency to fiat currency.