A key technical chart pattern indicates that Bitcoin (BTC) price could be heading towards
A key technical chart suggests that Bitcoin (BTC) price could be heading towards the $85,000 mark, but the world’s top cryptocurrency needs a weekly close above $71,300 to confirm further bullish momentum .
Wyckoff Model Targets Bitcoin Price of $85,000
Technical analysis using the Wyckoff method indicates a possible breakout of the Bitcoin price up to the $85,000 level, according to cryptocurrency analyst Mikipol.
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The analyst wrote in a June 6 message to his 67,000 subscribers:
“The Wyckoff Bitcoin playbook is still a work in progress. SOS will soon reach $85,000.
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 divided the market cycle into four distinct phases.
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Bitcoin Needs Weekly Close Above $71.3K
Meanwhile, to confirm further bullish momentum, Bitcoin needs a weekly close above the $71,300 mark, according to renowned cryptocurrency analyst Rekt Capital.
The analyst explained in a YouTube video dated June 5:
“We are still in an accelerated cycle. Instead of 260 days ahead, we are 170 days ahead, but that could change quickly if we get a weekly close above this high resistance band ($71,300) which is essentially a monthly flag.
However, Bitcoin price may need to decline depending on the main technical indicator appearing on the four-hour chart. Bitcoin’s relative strength index (RSI) peaked at 74 on June 5, before falling to the current level of 68, according to TradingView.
While this suggests that Bitcoin is trading at fair value, the RSI may need to fall around the 50 mark before Bitcoin price sees further upward momentum.
The Relative Strength Index is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.
Continued inflows into U.S. Bitcoin exchange-traded funds (ETFs) could help it 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 entry day with $886.6 million on June 4. As of February 15, Bitcoin ETFs accounted for approximately 75% of new investments worldwide. The largest cryptocurrency to have crossed 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 before making a decision.
