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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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