One financial analyst says Bitcoin (BTC) is showing three important bullish metrics.
In a new interview with Scott Melker, VanEck Head of Digital Assets Matthew Sigel says recent indicators are making him bullish on BTC.
“I got renewed bullish on Tuesday just you know noticed some capitulation indicators in the space like realized losses by short-term holders for example over 500 million like that’s a top five print of all time for Bitcoin. And then I saw BTC volatility hit 21 that’s a 30-day annualized VA that is also a very low number…”
According to Sigel, the metrics that he sees flashing bullish for BTC are realized losses, volatility, and drawdown.
The realized losses metric is the difference between the buying and selling prices of BTC holders. The volatility refers to how prices are scattered historically for BTC. Drawdown refers to how far down BTC is from its peak of $73,737, reached four months ago.
BTC is worth $61,846 at time of writing.
Last week, Sigel also suggested that Ethereum (ETH) could explode by 4,225%.
In the report released earlier this month, VanEck set a base case target for Ethereum of $22,000, a potential gain of 518% from the current level. To hit the bull case target, Ethereum would have to appreciate by 4,225% from the current price.
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