A key pattern on a technical chart suggests Bitcoin price could head towards the $85,000 mark, but the world's first cryptocurrency needs a weekly close above $71,300 to confirm further bullish momentum.
Wyckoff Pattern Points to $85,000 Bitcoin Price
Technical analysis using the Wyckoff method points to a possible breakout in Bitcoin price towards the $85,000 mark, according to cryptocurrency analyst Mikybull.
The analyst wrote in a post on X on June 6 to his 67,000 followers:
“The Wyckoff playbook for Bitcoin is still in play. Soon SOS will take it to $85,000.”
The Wyckoff accumulation is a classic technical analysis setup named after Richard Wyckoff, a pioneer of technical analysis in the first half of the 20th century who broke down the market cycle into four distinct phases.
Related: 63 US Banks on the Verge of Insolvency: Why Bitcoin's Next Target is $100,000.
Bitcoin needs a monthly close above $71,300.
Meanwhile, to confirm further bullish momentum, Bitcoin needs to close the week above the $71,300 mark, according to popular cryptocurrency analyst Rekt Capital.
The analyst explained in a June 5 YouTube video:
“We are still in an accelerated cycle. Instead of being 260 days ahead, we are 170 days ahead, but this could change quickly if we get a weekly close above this range high resistance [$71,300], which is essentially a monthly flag.” 📈
However, Bitcoin price might need to cool down based on a key technical indicator seen on the four-hour chart. Bitcoin's Relative Strength Index (RSI) reached a high of 74 on June 5 before retreating to the current level of 68, according to TradingView.
Although this suggests that Bitcoin is trading at a fair value, the RSI might need to fall around the 50 mark before BTC price can see further bullish momentum.
The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought, based on the magnitude of recent changes in price.
Continued inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States could help BTC close the week above $71,300.
US Bitcoin ETFs saw collective inflows of $488.1 million on June 5. Additionally, Bitcoin ETFs recorded their second-best day of inflows with $886.6 million on June 4. By February 15, Bitcoin ETFs accounted for approximately 75% of new investment in the world's largest cryptocurrency as it surpassed the $50,000 mark.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
