This Index is the most accurate tool I have seen for predicting positive 12 month gains or more. Currently at 18, which suggest a flashing buy signal currently. The lowest on record was 11 when Bitcoin dropped from $32 to $2 in 2011. Ouch! But that was best time to buy when bullish sentiment was at all time lows.
This Index was developed by CFA Analyst Tom Lee of Fundstrat. He has a $25,000 price target on Bitcoin since last summer and has correctly called many markets well in advance.
I once heard him speak at a Miami CFA meeting mostly about oil commodity in early 2016 when oil was crashing around $25 a barrel. He pulled out tons of charts and data to suggest oil would recover much higher from then, which is has now to around $60 $70 a barrel. Oil stocks have performed great since then.
Contrarian indicators such as this are what I believe the smart money looks at. I past being contrarian has helped me make the right investment decisions but turn arounds don't happen over night so I found its best to be patient.
I hope this helps cool down some of the fear out there. By next fall the Cryptos will likely look very positive from these levels here and have made new highs again. Investors at least have a much better chance to make good gains now that we have seen big price corrections. Valuations are much cheaper than a few months ago and outlook has never been brighter. The only that's changed is cheap prices and who does not love to go shopping your favorite brands at 50-80% off?!