Bitcoin Wyckoff Pattern Suggests 85K Price Target Possible But Essential Weekly Close Required

The Bitcoin Wyckoff pattern has indicated a potential rally to an all-time high of $85,000, but first, Bitcoin must close above $71,300 to confirm a breakout.
Recent increased inflows into U.S. Bitcoin ETFs suggest a renewed interest from investors, with new demand expected to drive a price rally.
Bitcoin (BTC) appears to be on track to achieve a new all-time high if it can successfully close the week above a crucial level. According to the Wyckoff pattern, Bitcoin could soar to a new peak of $85,000 if it manages to close the week above $71,300. The Wyckoff pattern, named after Richard Wyckoff, a pioneer in technical analysis, breaks down the market cycle into four distinct phases.
This pattern was highlighted by crypto analyst Mikybull, who outlined the current market cycle. “Bitcoin Wyckoff’s playbook is still in effect. SOS will likely push it to $85k,” the analyst noted. Supporting this perspective, crypto analyst Rekt Capital stated in a YouTube video that for BTC to confirm further upward momentum, it needed to close above $71,300.
We are still within an accelerated cycle. Instead of being 260 days ahead of schedule, we are now ahead by 170 days, but this could change quickly if we see a weekly candle close above this key resistance level [$71,300], which essentially forms a monthly flag.
It is worth noting that BTC has struggled to break past the $71,300 mark and potentially establish it as support. Earlier this week, Bitcoin reached a high of $71,320 before being rejected and falling below $70,000.
At the current time, BTC is trading at $69,785, with strong support for the cryptocurrency leader. The digital asset appears set for a bullish week ahead following a slight positive change in the last 24 hours.
This positive outlook is fueled by a resurgence in inflows into U.S. Bitcoin spot ETFs. On June 4th, Bitcoin ETFs attracted a massive $886.6 million, the second-highest daily total ever. This was followed by strong inflows of $488.1 million on June 5th. In February, when Bitcoin crossed the $50,000 mark, 75% of new investments came through Bitcoin ETFs.
Experts in the ETF market are confident that inflows will continue to grow and impact BTC prices. As the token approaches and potentially surpasses its all-time high, ETFs could see increased inflows as interest in the asset grows.
In addition, experts anticipate the launch of Bitcoin spot ETFs worldwide. Recently, regulators in Hong Kong approved the first Bitcoin ETF, attracting investors from Asia, particularly Chinese investors. Australia is also prepared to launch its own ETFs, with BetaShares and VanEck eyeing listings on ASX. The introduction of spot Bitcoin ETFs is expected to tap into Australia’s significant pension market.
Looking ahead, market experts predict that Bitcoin could surpass $100,000. Standard Chartered, a banking giant, has even forecasted that BTC could reach $150,000 if Donald Trump wins the upcoming U.S. presidential elections.