Bitcoin (BTC) is exhibiting three significant bullish indicators, according to a financial analyst. In a recent interview with Scott Melker, Matthew Sigel, the Head of Digital Assets at VanEck, expressed his optimism towards BTC based on recent metrics.
Sigel stated, “On Tuesday, I became bullish again after observing some capitulation indicators in the market. For instance, there were over 500 million in realized losses by short-term holders, which ranks among the top five prints of all time for Bitcoin. Additionally, BTC’s volatility reached 21, which is a very low number when considering the 30-day annualized Volatility Arbitrage (VA)…”
The three metrics that Sigel believes are flashing bullish signals for BTC are realized losses, volatility, and drawdown. Realized losses pertain to the difference between the buying and selling prices of BTC holders. Volatility refers to the historical scattering of prices for BTC. Drawdown, on the other hand, measures how far BTC has declined from its peak of $73,737, which was reached four months ago.
At the time of writing, BTC is valued at $61,846.
Last week, Sigel also made a prediction about Ethereum (ETH), suggesting that it could potentially surge by 4,225%.
In a report published earlier this month, VanEck set a base case target for Ethereum at $22,000, which represents a potential gain of 518% from its current level. To reach the bull case target, Ethereum would need to appreciate by a staggering 4,225% from its current price.
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