Analyst Highlights Bullish Indicators for Bitcoin
In a recent chat with Scott Melker, Matthew Sigel, Head of Digital Assets at VanEck, expressed his renewed optimism about BTC based on some promising metrics.
Sigel explained, “I became bullish again on Tuesday after noticing several capitulation indicators, like realized losses by short-term holders surpassing $500 million—one of the top five amounts ever for Bitcoin. Additionally, BTC volatility hit 21 on a 30-day annualized basis, which is very low.”
The bullish signs Sigel identifies are realized losses, volatility, and drawdown. Realized losses indicate the difference between the buying and selling prices for BTC holders.
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Volatility measures how prices have fluctuated historically. Drawdown assesses how far BTC has dropped from its peak of $73,737 four months ago.
Sigel also noted potential for Ethereum (ETH), predicting it could surge by 4,225%. In a report earlier this month, VanEck set a base target for Ethereum at $22,000, a 518% increase from its current level, with the bull case suggesting even higher gains.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
