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Bitcoin

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Rekt

A key technical chart pattern suggests that Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price could be headed to the $85,000 mark, but the world’s first cryptocurrency needs a weekly close above $71,300 to confirm more upward momentum.
<h2 id="wyckoff-pattern-targets-85-000-bitcoin-price">Wyckoff pattern targets $85,000 Bitcoin price</h2>
Technical analysis using the <a href="https://cointelegraph.com/news/how-to-trade-crypto-using-wyckoff-accumulation-theory">Wyckoff method</a> points to a potential Bitcoin&nbsp;price breakout to the $85,000 mark, according to crypto analyst Mikybull.
Related: <a href="https://cointelegraph.com/news/m2-money-supply-bitcoin-cycle-market-analyst">M2 money supply ‘holds the key’ for Bitcoin’s next move — Market analyst</a>
The analyst wrote in a June 6 X <a href="https://x.com/MikybullCrypto/status/1798626340981371178" target="_blank" rel="noopener nofollow">post</a> to his 67,000 followers:
<blockquote data-ct-non-breakable="true">
 “Bitcoin Wyckoff’s playbook is still in play. SOS soon that will bring it to $85k.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/9f8b39cf-2663-40dc-875c-8bdc02ddbbcb.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, Wyckoff pattern. Source: Mikybull
 </figcaption>
</figure>
Wyckoff accumulation is a classic technical analysis setup <a href="https://cointelegraph.com/news/how-to-trade-crypto-using-wyckoff-accumulation-theory">named after Richard Wyckoff</a>, a technical analysis pioneer in the first half of the 20th century who broke down the market cycle into four distinct phases. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/87c83828-871b-46e0-9adc-267527beea99.png" alt="" title="">
 <figcaption style="text-align: center;">
 The phases of the Wyckoff market cycle. Source: TradingCoach.co.in
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/63-banks-brink-insolvency-bitcoin-target-100k">63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K</a>
<h2 id="bitcoin-needs-a-weekly-close-above-71-300">Bitcoin needs a weekly close above $71,300</h2>
Meanwhile, to confirm more upward momentum, Bitcoin needs to perform a weekly close above the $71,300 mark, according to popular crypto analyst Rekt Capital.
The analyst explained in a June 5 YouTube <a href="https://www.youtube.com/watch?v=aPMwoeUklYo" target="_blank" rel="noopener nofollow">video</a>:
<blockquote data-ct-non-breakable="true">
 “We’re still in an accelerated cycle. Instead of 260 days ahead of schedule, we’re ahead 170 days, but this could rapidly change if we get a weekly candle close above this range high resistance [$71,300] which is essentially a monthly flag.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/bdb75158-a9e6-4c80-bdc0-70061ef2732f.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-month chart. Source: Rekt Capital
 </figcaption>
</figure>
However, Bitcoin’s price may need to cool down based on a key technical indicator seen on the four-hour chart. Bitcoin’s <a href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal">relative strength index (RSI)</a> peaked at 74 on June 5 before retracing to the current 68 level, according to <a href="https://www.tradingview.com/chart/3Z94myyP/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener nofollow">TradingView</a>.
While this suggests that Bitcoin is trading at fair value, the RSI may need to fall to around the 50 mark before BTC’s price can see more upside momentum.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/187be058-2e22-4fac-8ba9-eefe592c2eab.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 4-hour chart, RSI, Source: TradingView
 </figcaption>
</figure>
The RSI 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 from the United States spot Bitcoin exchange-traded funds (ETFs) could help BTC close the week above $71,300.
The U.S. Bitcoin ETFs&nbsp;<a href="https://cointelegraph.com/news/bitcoin-etfs-near-500-million-inflows-but-no-google-searches">saw collective inflows of $488.1 million</a> on June 5. Moreover, Bitcoin ETFs recorded their <a href="https://cointelegraph.com/news/bitcoin-etf-second-best-inflow-day-887-millon">second-best inflow day</a> of $886.6 million on June 4. By Feb. 15, Bitcoin ETFs&nbsp;<a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">accounted for about 75%</a> 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.

Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first

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