Investing.com - Bitcoin is slumping again, but Wall Street's leading crypto bull sees a buy sign.
Fundstrat Advisors strategist Tom Lee says that his Bitcoin Misery Index is at a level that's been a bullish leading indicator in the past.
In a note to investors, Lee says that when the index is below 27 the price of bitcoin does well in the next 12 months.
Lee says that's been the case the four previous times the BMI fell below 27: September 2011, November 2012, January 2015 and September 2016.
The index is currently at 18.8, its lowest level since September 2011. The BMI, which spans zero and 100, is a contrarian indicator. A low score means buy. A high score means sell. A reading over 67 is a sell signal.
Lee is the only Wall Street strategist to have price targets for bitcoin. His forecast calls for bitcoin to hit $20,000 by mid year and $25,000 by year end.
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