A significant technical chart pattern is indicating that Bitcoin’s price could potentially reach $85,000, but the cryptocurrency must achieve a weekly close above $71,300 to confirm further upward momentum.
The Wyckoff method, a technical analysis technique, is suggesting a potential breakout for Bitcoin to the $85,000 level, as noted by crypto analyst Mikybull.
Wyckoff accumulation, a well-known technical analysis pattern named after Richard Wyckoff, a pioneer in the field during the early 20th century, breaks down the market cycle into four distinct phases.
To validate more upward movement, Bitcoin will need to secure a weekly close above $71,300, according to renowned crypto analyst Rekt Capital.
While Bitcoin’s price may need to cool down based on a key technical indicator on the four-hour chart, the Relative Strength Index (RSI) peaked at 74 on June 5 before retracting to the current level of 68, indicating fair value. However, the RSI may need to drop to around 50 for Bitcoin’s price to experience further upward momentum.
The RSI is a commonly used momentum indicator to assess whether an asset is oversold or overbought based on recent price changes.
Continued inflows from U.S. spot Bitcoin exchange-traded funds (ETFs) could assist Bitcoin in closing the week above $71,300. On June 5, the U.S. Bitcoin ETFs saw inflows of $488.1 million, with the second-best inflow day of $886.6 million recorded on June 4. By Feb. 15, Bitcoin ETFs represented approximately 75% of new investment in the largest cryptocurrency globally as it crossed the $50,000 threshold.
This article does not provide investment advice. Readers should conduct their own research and analysis before making any investment decisions, as all investment and trading activities involve risks.