The Bitcoin Market Indicator (BMI) is an aggregate indicator of market conditions on a scale of -3 to 3. This is a bitcoin only indicator. The BMI is published in the Fundamentals Report newsletter on a weekly basis.

  • [ 3 ] Extremely bullish – imminent price appreciation
  • [ 2 ] Bullish – high likelihood of significant price appreciation
  • [ 1 ] Slightly bullish – probable price appreciation
  • [ 0 ] Neutral – no read on the market at this time
  • [ -1 ] Slightly bearish – probable price declines
  • [ -2 ] Bearish – high likelihood of significant price declines
  • [ -3 ] Extremely bearish – with imminent downside risk

Market conditions are based on several inputs

  • Fundamentals – including network activity and adoption
  • Technicals – including price movements and analysis
  • Sentiment – including disposition of market participants
  • Macro – including non-bitcoin specific global economic news