Technical analysis and price forecast:
![](https://public.bnbstatic.com/image/pgc/202406/cfb2a06321719419e47039d4443224ee.png)
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:
![](https://public.bnbstatic.com/image/pgc/202406/bcd88d9c3f30fc9f6323d7e01e2a145c.png)
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:
![](https://public.bnbstatic.com/image/pgc/202406/8b37a32ad1bbacd2e59c5aabc6bbb5a2.png)
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.
#StartInvestingInCrypto #bnb #EarnFreeCrypto2024 #writetoearn #bitcoin