Bitcoin (BTC) has been showing three important bullish metrics, according to financial analyst Matthew Sigel, the Head of Digital Assets at VanEck. Sigel recently shared his renewed bullish sentiment in an interview with Scott Melker. He pointed out that he noticed some indicators in the space that led him to believe in BTC’s potential. One of these indicators was the realized losses by short-term holders, which amounted to over 500 million, making it a top five print of all time for Bitcoin. Additionally, BTC’s volatility hit 21, a 30-day annualized VA that is considered a very low number, further indicating positive trends for the cryptocurrency.
Sigel highlighted three main metrics that are flashing bullish signals for Bitcoin: realized losses, volatility, and drawdown. Realized losses refer to the difference between the buying and selling prices of BTC holders, indicating the sentiment in the market. Volatility, on the other hand, reflects how prices have historically fluctuated for BTC, showing the level of uncertainty or stability in the market. Drawdown measures how far down BTC is from its peak of $73,737, which was reached four months ago. Despite this drawdown, BTC currently stands at $61,846, showing resilience and potential for growth in the near future.
In addition to his bullish outlook on Bitcoin, Sigel also suggested that Ethereum (ETH) could see significant gains in the coming months. In a report released by VanEck earlier this month, they set a base case target for Ethereum at $22,000, implying a potential gain of 518% from the current level. However, to reach the bull case target, Ethereum would have to appreciate by a staggering 4,225% from its current price. This bold prediction showcases the potential for explosive growth in the Ethereum market, fueled by increasing demand and adoption of the cryptocurrency.
As the crypto market continues to evolve and mature, investors are closely monitoring key indicators and metrics to make informed decisions about their digital asset holdings. The bullish signals for Bitcoin and Ethereum provided by Sigel offer valuable insights into the potential growth opportunities in the cryptocurrency space. With Bitcoin currently trading at $61,846 and Ethereum poised for significant gains, investors may find new opportunities to capitalize on the growing digital asset market. By staying informed and monitoring market trends, investors can position themselves for success in the dynamic world of cryptocurrencies. Subscribe to stay updated on the latest developments in the crypto market and seize potential opportunities for profitable investments.
