Analyst has good and bad news for Bitcoin: 'Bull market evidence'

Fundstrat analyst Thomas Lee has found further proof that the Bitcoin bull market is upon us. Lee shared in a tweet that the Bitcoin Misery Index has reached 89 on April 2, the day of the Bitcoin pump to $5000.
Analyst has good and bad news for Bitcoin: 'Bull market evidence'
The Bitcoin Misery Index (BMI) is a trading tool created by Fundstrat acting as a contrarian index. This means that the lower the Bitcoin Misery Index is, the better the buy opportunities are. In other words, more misery is good for buying Bitcoin.
So why is Lee now claiming that the bull market is starting, while the index was this high (read: happy traders) on April 2? According to the analyst there are two sides to the BMI reaching the highest level since June 2016. Lee says in the tweet that the BMI has only been over 67 during Bitcoin bull markets. 'More evidence the bull market is starting', Lee claims.
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The Bitcoin Misery Index reached 89 on 4/2. Highest reading since June 2016. Means good and bad.

Good--> Since 2011, BMI >67 only seen during bull markets. More evidence bull starting.

Bad --> BMI >67 after peak, falls ~25% = Profit taking ST.
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There is also a negative side to BMI reaching levels this high. According to Lee, Bitcoin tends to fall 25% after the peak when the level is higher than 67. 'Profit taking', Lee says.

Read more: Market still showing red, Bitcoin struggling to hold $5,000
But most important is the conclusion that the bears might be leaving the market for the next period. Lee: 'The main takeway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000.'
2/ The main takeway is that BMI reaching 67 is further evidence the bear market for Bitcoin likely ended at $3,000
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