BitMine Immersion Technologies (BMNR) purchased 60,976 ETH last week and forecasts ETH to bottom between March 8 and March 14. The 61,000 ETH purchase represents this accelerated buying. Chairman Tom Lee referenced BitMine advisor Tom DeMark of DeMark Analytics, who identified correlations between 2026 ETH price action and historical S&P 500 patterns from fall 2011 and fall 1987.
The correlations measure 89% and 93% for 2011 and 1987 respectively. If these analogs hold, ETH prices bottom between March 8th to March 14th and just below the recent lows of $1,740, Lee said. Lee emphasized the contrarian timing: As the adage goes, nobody ‘rings the bell at the bottom’ and therefore BitMine’s strategy is to now slightly increase its pace of ETH accumulation.
BitMine Immersion Technologies reported a purchase of 60,976 ETH last week, with a similar 61,000 ETH buy noted as evidence of accelerated accumulation. Tom Lee, citing Tom DeMark of DeMark Analytics, linked ETH price action to historical S&P patterns from 2011 and 1987, suggesting ETH could bottom within a March window if those analogs hold. If validated, the timing would place ETH bottom near March 8–14, just below the $1,740 level cited by Lee.
The approach reflects a contrarian stance, with BitMine indicating a modest increase in ETH accumulation despite near-term volatility and market uncertainty. Investors should weigh the strength and limits of DeMark-based signals, as correlations do not guarantee outcomes. The article frames market timing rather than a guaranteed price move, underscoring the speculative nature of large-scale ETH purchases.
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