The Bitcoin Wyckoff pattern suggests that Bitcoin has the potential to surge to an all-time high of $85,000, but it must first surpass the $71,300 mark to confirm a breakout.
Growing investments in U.S. Bitcoin ETFs indicate a renewed interest from investors, with new demand expected to push prices higher.
BTC is on track to hit a new all-time high if it can close the week above a crucial level. According to the Wyckoff pattern, Bitcoin could reach $85,000 if it manages to close the week above $71,300. Named after Richard Wyckoff, a pioneer in technical analysis, this pattern divides the market cycle into four phases.
Crypto analyst Mikybull pointed out the ongoing market cycle following the Wyckoff playbook, predicting a surge to $85k. In agreement, crypto analyst Rekt Capital mentioned in a YouTube video that BTC needed to close above $71,300 to confirm further upward movement.
Despite struggling to break past the $71,300 mark, Bitcoin briefly reached $71,320 before dropping below $70,000 earlier this week. Currently, BTC is trading at $69,785 with solid support.
The positive momentum is driven by increased investments in U.S. Bitcoin spot ETFs, which collected a record $886.6 million on June 4th. This was followed by $488.1 million on June 5th. Experts anticipate continued growth in inflows, impacting BTC prices as the asset approaches its all-time high.
As Bitcoin spot ETFs gain traction globally, experts predict a surge in demand. Hong Kong regulators recently approved the first Bitcoin ETF, attracting Asian and Chinese investors. Australia is also gearing up to launch its own spot Bitcoin ETFs, with BetaShares and VanEck eyeing listings on ASX to tap into the country’s pension market.
Looking ahead, market analysts foresee Bitcoin surpassing $100,000, with banking giant Standard Chartered predicting a $150,000 price target if Donald Trump wins the upcoming U.S. presidential elections.