Technical analysis and price forecast:

  • The Wyckoff model indicates that Bitcoin (BTC) price is likely to reach $85,000. However, to further confirm this bullish momentum, Bitcoin needs a weekly close above $71,300.

  • Crypto analyst Mikybull said in a June 6 post: “Bitcoin Wyckoff's playbook is still active. SOS will take it to $85K soon.”

Needed weekly close above $71,300:

  • To further confirm bullish momentum, Bitcoin needs to make a weekly close above the $71,300 mark, according to prominent crypto analyst Rekt Capital.

  • In a June 5 YouTube video, Rekt Capital explains that although BTC is in an accelerating cycle, a weekly candle close above this resistance would create a monthly flag, consolidating bullish momentum.

Current technical indicators:

  • Bitcoin's relative strength index (RSI) peaked at 74 on June 5 before retreating to its current level of 68. This suggests that Bitcoin is trading at a fair value, but the RSI may need to fall to the 50 level before BTC's price can see more upside momentum.

Capital flows from Bitcoin ETFs:

  • Inflows from Bitcoin exchange-traded funds (ETFs) in the United States saw collective inflows of $488.1 million on June 5, and the second-best day of inflows was $886.6 million on June 4. This could help BTC close the week above $71,300.

Analysis of current BTC/USD price trend:

Based on the chart image, BTC/USD price is currently hovering around $69,130. Technical indicators and key support/resistance levels can be analyzed as follows:

  • Key resistance: $71,300 (level to overcome to confirm upward momentum)

  • Key Support: Around $65,180 and $60,424 (key support levels in case of a correction)

Price trend prediction for Q3 and Q4 2024:

  • Upside: If BTC can close the week above $71,300 and maintain upward momentum, the price could aim for $85,000 as analyzed by the Wyckoff model.

  • Short-term correction: If RSI drops to the 50 level, there could be a short-term correction before resuming the uptrend.

  • Sustained growth: Continued capital flows from ETFs and other market factors could drive sustained growth, bringing Bitcoin price closer to its target of $85,000 by late Q3 or early Q4 2024.

$BTC

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