Bitcoin Wyckoff Pattern Targets $85K Pending Weekly Close
2 min read
Bitcoin Wyckoff Pattern Targets $85K Pending Weekly Close
A crucial chart pattern in technical analysis is hinting that Bitcoin’s price might be on its way to reaching $85,000. The pioneer cryptocurrency would first need to secure a weekly close above $71,300 to validate stronger upward momentum.
The Wyckoff method, a technical analysis approach developed by Richard Wyckoff, indicates a potential bullish breakout for Bitcoin towards the $85,000 level. According to crypto analyst Mikybull, this classic setup is still relevant. On June 6, he communicated with his 67,000 followers, stating that “Bitcoin Wyckoff’s playbook is still in play. SOS soon that will bring it to $85k.”
Richard Wyckoff, a significant figure in the early 20th-century financial market analysis, introduced a method that divides market cycles into four phases. This approach, known as Wyckoff Accumulation, is considered a robust setup within technical analysis circles.
To confirm an upward move, Bitcoin would need to achieve a weekly close above $71,300, noted renowned crypto analyst Rekt Capital. In a June 5 YouTube video, he discussed the current market dynamics, explaining, “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.”
Despite these optimistic indicators, Bitcoin’s price might have to retrace slightly based on a key technical metric observed on the four-hour chart. The Relative Strength Index (RSI) for Bitcoin hit a peak of 74 on June 5 before dropping to a current level of 68, as shown by TradingView data. This pattern suggests that Bitcoin is trading near its fair value. For further price gains, the RSI might need to decline to around the 50 mark.
The RSI is a widely used momentum indicator that helps assess whether an asset is overbought or oversold by examining the magnitude of recent price changes. A fall in the RSI usually indicates that the asset could see more momentum in its price movement.
Continuous inflows from U.S.-based spot Bitcoin exchange-traded funds (ETFs) could support Bitcoin in achieving a weekly close above $71,300. On June 5, U.S. Bitcoin ETFs collectively saw inflows of $488.1 million. These ETFs had a particularly strong performance on June 4, with inflows reaching $886.6 million, marking their second-best inflow day.
By mid-February, Bitcoin ETFs had contributed significantly to new investments in the leading cryptocurrency, making up about 75% of new investment inflows as Bitcoin surpassed the $50,000 milestone. These ETFs are proving to be a critical factor in driving Bitcoin’s market performance, potentially aiding its rise above key price levels.
Bitcoin nearing fair value with a powerful RSI pattern – ready for a surge! – Ethan W.
Classic case of technical analysis overhype. Reality might be much harsher. Prepare for a fall instead.
Can’t wait to see Bitcoin break that resistance. Wyckoff method to the rescue again! – Rachel G.
Relying on these chart patterns is dangerous. Markets can turn on you without warning. Don’t trust the hype.
Great analysis! The RSI insight and the ETF contributions are very telling. Bitcoin to the moon! – Olivia K.
ETFs playing a significant role in BTCs momentum. $85,000 here we come! – Patrick T.
Seeing those ETF inflows and the Wyckoff analysis gives me high hopes for BTC’s ascent! 📈” – Brian E.
Solid analysis leading to exciting times for Bitcoin. Ready for $85,000! – Jennifer C.
Interesting breakdown of Bitcoin’s market dynamics. $85k doesn’t seem far off! 🚀” – Mark F.
This is so speculative. Betting on Bitcoin to reach $85k seems like a recipe for disappointment. 🚫📉
The progression in the market cycle analysis is spot on. Exciting times ahead for Bitcoin! – Laura F.
People have been predicting these astronomical jumps for years. Bitcoin might just as likely crash as reach $85,000.
Its all about securing that weekly close! Exciting times ahead for Bitcoin holders! – Tim H.
Honestly, this feels like wishful thinking. We’ve seen predictions like this come and go with no real outcome.
With Wyckoff and the ETF inflows, Bitcoin is set up for a bright future. Go BTC! 🌟” – Nina T.
Wyckoff method? Give me a break. Past performance is not indicative of future results. Stick to fundamentals.
Love the analysis! The Wyckoff method still proving its worth. – Zoe P.
Bitcoin’s RSI insights are very encouraging. Looking forward to that bull run! – Chloe J.
The Wyckoff setup is brilliant! Eyes on that weekly close above $71,300! – Fiona V.
Not convinced at all. We’ve seen similar patterns pointing to high prices that never materialized. Feels like a trap. 🚫🦠
Fascinating read! Cant wait to see Bitcoin knock down that resistance. – Ellis K.
Who wouldnt be excited by such promising indicators? Lets make it happen, BTC! – Liam N.
With the Wyckoff and RSI insight, $85k seems within grasp. Lets go BTC! – Emma L.
Expecting Bitcoin to hit $85K based on a 100-year-old theory is absurd. The market is way too unpredictable for this. 🚫🤑
Strong ETF inflows are a game-changer. Bitcoin aiming for new heights! – Sam L.