$50K Goal in Play if a Bitcoin Spot ETF Approval Is Granted, Analyst Finds

• Crypto analyst claimed that Bitcoin seems poised to interrupt out of a symmetrical triangle.
• Bitcoin could contact the $50,000 mark if the SEC approves a BTC spot ETF, based on the analyst. 
• The analyst acknowledged that if the ETF is rejected, the coin’s value may fall under $40,000.

Crypto analyst Dan Gambardello famous that the main coin, Bitcoin (BTC) , could also be poised for an upward breakout of a symmetrical triangle. Based on the analyst, this breakout may cause the coin to the touch the $50,000 value mark as soon as a spot BTC ETF approval is available in. 

A symmetrical triangle is shaped when an asset’s value oscillates between converging higher and decrease trendlines. As costs bounce between these two traces, volatility decreases, suggesting indecision amongst consumers and sellers.

BTC’s Bollinger Bands (BB) indicator, assessed on a day by day chart, confirmed the low volatility out there. The hole between the higher and decrease bands that make up this indicator has narrowed for the reason that yr started. 

Based on Gambardello, BTC hitting the $50,000 value mark would consequence within the coin “doing one thing it has by no means completed,” which is breaking by way of the decrease highs of its Fibonacci stage. 

Regarding BTC dominance, Gambardello mentioned that the approval of a spot ETF may propel the coin into a brand new bull market part, doubtlessly resulting in a minor retraction within the coin’s dominance, much like patterns noticed in previous bull cycles.

Commenting on what may occur if the U.S. Securities and Trade Fee (SEC) fails to offer its approval, Gambardello famous that BTC may fall under $40,000 to backside at $37,000.