- Crypto analyst claimed that Bitcoin appears poised to break out of a symmetrical triangle.
- Bitcoin may touch the $50,000 mark if the SEC approves a BTC spot ETF, according to the analyst.
- The analyst stated that if the ETF is rejected, the coin’s price might fall below $40,000.
Crypto analyst Dan Gambardello noted that the leading coin, Bitcoin (BTC) , may be poised for an upward breakout of a symmetrical triangle. According to the analyst, this breakout can cause the coin to touch the $50,000 price mark once a spot BTC ETF approval comes in.
A symmetrical triangle is formed when an asset’s price oscillates between converging upper and lower trendlines. As prices bounce between these two lines, volatility decreases, suggesting indecision among buyers and sellers.
BTC’s Bollinger Bands (BB) indicator, assessed on a daily chart, confirmed the low volatility in the market. The gap between the upper and lower bands that make up this indicator has narrowed since the year began.
According to Gambardello, BTC hitting the $50,000 price mark would result in the coin “doing something it has never done,” which is breaking through the lower highs of its Fibonacci level.
Concerning BTC dominance, Gambardello said that the approval of a spot ETF could propel the coin into a new bull market phase, potentially leading to a minor retraction in the coin’s dominance, similar to patterns observed in past bull cycles.
Commenting on what could happen if the U.S. Securities and Exchange Commission (SEC) fails to give its approval, Gambardello noted that BTC might fall below $40,000 to bottom at $37,000.
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