The Bitcoin Wyckoff pattern indicates that Bitcoin has the potential to surge to a record high of $85,000, but it must first close above $71,300 to confirm a breakout. The influx of funds into U.S. Bitcoin ETFs signals a renewed interest from investors, which is expected to drive a price increase.
Bitcoin (BTC) is on the brink of reaching a new all-time high if it can secure a close above a crucial level this week. According to the Wyckoff pattern, Bitcoin could see a surge to $85,000 if it manages to close above $71,300. The Wyckoff pattern, named after Richard Wyckoff, divides the market cycle into four distinct phases.
Crypto analyst Mikybull pointed out the Wyckoff pattern and predicted a potential rise to $85k. Another analyst, Rekt Capital, emphasized the importance of closing above $71,300 to confirm the upward momentum.
BTC has been struggling to break past the $71,300 mark and turn it into a support level. Earlier this week, Bitcoin briefly touched $71,320 before dropping below $70,000.
Currently, BTC is trading at $69,785 with strong support, setting the stage for a bullish week ahead. The recent increase in inflows into U.S. Bitcoin spot ETFs has further fueled optimism. On June 4th, Bitcoin ETFs received a substantial $886.6 million, the second-highest daily total ever, followed by $488.1 million on June 5th.
Experts believe that the inflows into ETFs will continue to grow and impact BTC prices positively. As Bitcoin approaches its all-time high, ETFs could see even more investments as demand for the asset rises.
There are expectations for Bitcoin spot ETFs to emerge globally, with Hong Kong recently approving the first Bitcoin ETF, attracting interest from Asian and Chinese investors. Australia is also gearing up to launch its own ETFs, with BetaShares and VanEck eyeing listings on ASX to tap into the country’s significant pension market.
Looking ahead, market analysts predict that Bitcoin could surpass $100,000, with Standard Chartered bank forecasting a price of $150,000 if Donald Trump wins the upcoming U.S. presidential elections.