Tom Lee of Fundstrat, one of the few Wall Street analysts who is seriously investigating cryptocurrencies developed the 'Bitcoin Misery Index'. This signal indicates when Bitcoin is overbought or over-sold. At the moment this is clearly the last, and the indicator shows a very strong buy signal. The last time this happened, Bitcoin was under $ 1,000.
In the long term Tom Lee uses other parameters to calculate the value of Bitcoin:
We have to compare the rise of Bitcoin with the evolution of a social network. The value of a network can be calculated on the basis of Metcalfe's Law.
According to this law, the value of a network is equal to the number of users up to the 2nd power. Metcalfe's Law in relation to the trading volume of Bitcoin determined Bitcoin's price 94% of the time.
It's buying time!
If you are still selling your cryptocurrencies at this point or even thinking about selling them, don't. You are probably making a very bad decision which you will definitely regret. I mean come on; you made it this far. Don't abandon your beloved cryptocurrencies when it can barely get worse.
Personally I have seen the value of my investments drop dramatically, but I knew from the beginning, despite a lack of cryptocurrency experience, that this could happen. I do not have any emotional attachment to my investments; I believe in the projects I support and I have a lot of faith that we will see crypto rise again with time.
I don't like it when the cryptocurrencies drop, but at the same time I also don't care. This is crypto. If you can't handle the 10%, 20%, 30% or even bigger drops; you don't deserve the 100%, 1000% gains.
Stick around, show some patience, you will be very happy with your decision when crypto recovers and yes it will.
Much love from Maxidigi, crypto believer.
Thank you for reading.
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Cheers,
MAXIDIGI
