Bitcoin Wyckoff Pattern Points to Potential $85K Price Target, But a Crucial Weekly Close is Needed

  • The Bitcoin Wyckoff pattern suggests that Bitcoin could rally to an all-time high of $85,000 but must first close above $71,300 to confirm a breakout.
  • Increased inflows into U.S. Bitcoin ETFs have indicated renewed investor interest with new demand set to drive a price rally.

Bitcoin (BTC) looks poised to reach a new all-time high if the crypto leader can close the week above a key level. According to a key technical chart pattern “Wyckoff,” Bitcoin could rally to a new all-time high of $85,000 if it can close the week above $71,300. Notably, the Wyckoff pattern is named after Richard Wyckoff, a technical analysis pioneer in the first half who broke down the market cycle into four distinct phases.

This pattern was highlighted by crypto analyst Mikybull who explained the current market cycle. “Bitcoin Wyckoff’s playbook is still in play. SOS will soon bring it to $85k,” noted the analyst. Confirming this outlook, crypto analyst Rekt Capital, in a YouTube video stated that to confirm more upward momentum, BTC needed to close above 71,300, stating:

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.

It is important to note that BTC has struggled to break out of the $71,300 position and potentially flip into support. Earlier this week, Bitcoin rallied to a high of $71,320 before facing rejection and plummeting below $70,000.

At the time of writing, BTC is trading for $69,785 where the crypto leader enjoys strong support. The digital asset looks poised for a bullish week ahead after a marginal positive change in the last 24 hours.

Fueling this bullish outlook is the resurgence of inflows into U.S. Bitcoin spot ETFs. Bitcoin ETFs raked in a massive $886.6 million on June 4th, the second-highest daily total ever. This follows strong inflows of $488.1 million on June 5th. Back in February, when Bitcoin broke above $50,000, a whopping 75% of new investment came through Bitcoin ETFs.

ETF experts remain confident that inflows will keep growing, influencing BTC prices. Additionally, as the token nears and possibly surpasses its all-time high, the ETFs could witness accelerated inflows as the appetite for the asset rises.

Furthermore, these experts expect Bitcoin spot ETFs to prop up all over the world. Recently Hong Kong regulators have approved the first Bitcoin ETF, attracting Asian investors and Chinese investors in particular. As CNF reported, Australia is also ready to launch its own. BetaShares and VanEck eyeing listings on ASX, and the introduction of spot Bitcoin ETFs is poised to leverage Australia’s substantial pension market.

Further down the road, market experts expect Bitcoin to reach over $100,000. In fact, banking giant Standard Chartered has predicted that BTC will reach $150,000 if Donald Trump wins the upcoming U.S. presidential elections.

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