Fundstrat Advisors founder Tom Lee, who is a respected Wall Street strategist, claims that the values ​​he now shows in his Bitcoin Misery Index (BMI) have never been seen before in the bear market.

The well-known "bitcoin bull" Thomas Lee returned to the BMI indicator during an interview he provided to Cointelegraph. Lee said that by 2018, the BMI index had never been above level 50 during the cryptocurrency bear markets, and now only recently reached 89.

According to Lee, this means that the bullish market has most likely already begun, so the bearmarket is a thing of the past. At the same time, however, he explained that the BMI index reflects market oversupply and in six of the previous six cases where it had such high values, the market subsequently fell on average by up to 25% on average. For example, it may also mean that part of the bitcoin capital is transferred to altocin and we will see the altcoin rally.

Another argument he suggests is the beginning of the bullrune is that Bitcoin broke the 200-day moving average. Fundstrat CEO thinks Bitcoin could turn another parabolic house-like growth he showed in 2017, but he didn't dare to answer the question of whether he would create his new highs in 2019.

Other reasons that may indicate a recovery in the market are the movements in old wallets, which have been inactive for several months and years, as well as the rise in transaction activity and stock market growth.

Please note that although Tom Lee is often quoted as a trader, he is not always right in his predictions. Last year, for several months, he claimed that Bitcoin would create a new price maximum of $ 25,000 by the end of 2018. He then distorted this amount to $ 15,000, but was still far from the real value of Bitcoin, which fell below $ 4,000.

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