Bitcoin Misery Index Signals Bull Run Brewing, Says Fundstrat Research – BTC, ETH, XRP, LTC, BNB, EOS, BSV, XMR, ADA Forecasts

By Daily Hodl Staff

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The head of research at Fundstrat says the firm’s proprietary Bitcoin Misery Index (BMI) suggests a rally may be on the horizon.

Tom Lee just shared the company’s analysis from the end of July, which predicted a summer of sideways consolidation for BTC.

According to the analysis, a drop in the BMI toward a key level of 50 points indicates Bitcoin may be set to rally between October of this year and February of 2020.

The BMI features a scale from 0 to 100, and is designed to offer investors a look at how “miserable” Bitcoin (BTC) holders are, based on the leading cryptocurrency’s volatility and price.

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Last year, Lee described the mechanics of the scale to CNBC.

“When the Bitcoin misery index is at ‘misery’ (below 27), Bitcoin sees the best 12-month performance. A signal is generated about every year. When the BMI is at a ‘misery’ level, future returns are very good.”

Bitcoin is down 0.50% at $10,208, according to COIN360 at time of publishing. Ethereum is down 0.75% at $179.37, XRP is up 0.06% at $0.2571 and Litecoin is up 2.14% at $71.42.

Source: COIN360

CoinDesk analyst Omkar Godbole says BTC is searching for direction and holding above a key support level at $10,060.

“A break below $10,060 would strengthen the bearish setup on the daily chart and could yield a drop to $9,755 (Aug. 22 low).

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The outlook would turn bullish if BTC invalidates the bearish lower-highs setup with a UTC close above $10,956 (Aug. 20 high).”

Here’s a look at the latest analysis from across the cryptoverse.

Bitcoin

CoinDesk – Bitcoin consolidates above $10,200 after failed price breakout

NewsBTC – Bitcoin price could accelerate losses in the near term

Ethereum and EOS

FX Empire – ETH and EOS leave major support and resistance levels untested

XRP

FXStreet – XRP/USD struggling with trendline resistance under $0.27

Litecoin, Binance Coin, Bitcoin SV, Monero, Cardano

Cointelegraph – BTC dominance shows signs of cooling: LTC, BNB, EOS, BSV, XMR, ADA analysis

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