A financial analyst stated that Bitcoin is showing three important bullish indicators. VanEck’s Director of Digital Assets, Matthew Sigel, expressed his optimism about BTC in a recent interview with Scott Melker, citing recent indicators. Sigel mentioned that he noticed some surrender indicators, such as the realized losses of short-term holders exceeding 500 million, which is among the top five in Bitcoin’s history. He also observed that Bitcoin’s volatility reached 21, which is a 30-day annualized volatility and a very low number.
According to Sigel, the indicators for BTC are realized losses, volatility, and drawdown. Realized losses refer to the difference between the buying and selling prices for BTC holders. Volatility indicates how prices have been dispersed historically. Drawdown measures how much BTC has declined compared to its peak value of $73,737 reached four months ago.
At the time of writing, BTC is valued at $61,846. Last week, Sigel also mentioned that Ethereum (ETH) could potentially surge by 4,225%. In a report released earlier this month, VanEck set a target of $22,000 for Ethereum, which represents a potential return of 518% from the current level. To achieve this bullish target, Ethereum would need to appreciate by 4,225% from its current price.
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