Bitcoin's Value Could Leap to $85,000, Awaits Weekly Confirmation Above $71,300
Summary:
A technical analysis using the Wyckoff method predicts a potential boost of Bitcoin's price to $85,000. However, for this to be confirmed, Bitcoin needs a weekly close above $71,300. An upcoming factor that might facilitate this leap is the continued inflow from U.S. Bitcoin spot exchange-traded funds. Conversely, Bitcoin's Relative Strength Index suggests that its price may need to stabilize before any further upward movement is possible.
Bitcoin's value might be set for a significant rise to $85,000 according to a key technical analysis chart. What is holding it back is the need for a weekly closure above $71,300 to validate this bullish prediction. Expert crypto analyst, Mikybull, uses the Wyckoff technique to anticipate Bitcoin's jump to $85,000. This classic technical analysis tool used in prediction builds on the principles of market cycle legend, Richard Wyckoff.
In a recent June 6 post to his 67,000 followers, Mikybull announced: “Bitcoin's trajectory is looking strong, provided we see a show of strength that could boost the price to $85,000.
Yet, for this bullish forecast to hold true, Bitcoin must secure a weekly close above the $71,300 threshold - a view echoed by leading crypto commentator, Rekt Capital. He addressed his followers in a June 5 YouTube video stating: “We’re currently in a fast-paced cycle where we’re 170 days ahead; however, this could change abruptly if we confirm a weekly candlestick above this range high resistance [$71,300].”
However, there's a caveat. The Bitcoin price might need to moderate a bit, as suggested by its Relative Strength Index (RSI) on the four-hour chart, which currently sits at 68 after previously reaching 74 on June 5. The RSI method gauges whether an asset is undervalued or overpriced based on price shifts over a recent period. It might be necessary for the RSI to decline to 50 before Bitcoin potentially experiences an uptick again.
However, there might be a catalyst for Bitcoin to exceed the $71,300 mark - continued inflows from American Bitcoin spot exchange-traded funds (ETFs). Fund flows reached $488.1 million on June 5, with the day prior logging an impressive $886.6 million, marking the second-highest inflow. As of February 15, Bitcoin ETFs represented roughly 75% of new investment in the premier cryptocurrency, surpassing the $50,000 threshold.
Keep in mind that investing and trading are activities that come with significant risks, urging all investors to undertake comprehensive research when making decisions. This article doesn't provide investment advice or suggestions.
Published At
6/6/2024 6:39:17 PM
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