A key technical chart pattern suggests that Bitcoin ( BTC ) price could be headed to the $85,000 mark, but the world’s first cryptocurrency needs a weekly close above $71,300 to confirm more upward momentum.

Wyckoff pattern targets $85k Bitcoin price

Technical analysis using the Wyckoff method points to a potential Bitcoin price breakout to the $85,000 mark, according to crypto analyst Mikybull.

Related: M2 money supply ‘holds the key’ for Bitcoin’s next move — Market analyst

The analyst wrote in a June 6 X post to his 67,000 followers:

“Bitcoin Wyckoff's playbook is still in play. SOS soon that will bring it to $85k.”
Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first image 0 BTC/USD, Wyckoff pattern. Source: Mikybull

Wyckoff Accumulation is a classic technical analysis setup named after Richard Wyckoff , a technical analysis pioneer in the first half of the twentieth century who broke down the market cycle into four distinct phases.

Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first image 1 The phases of the Wyckoff market cycle. Source: TradingCoach.co.in

Related: 63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K

Bitcoin needs a weekly close above $71.3K

Meanwhile, to confirm more upward momentum, Bitcoin needs to perform a weekly close above the $71,300 mark, according to popular crypto analyst Rekt Capital.

The analyst explained in a June 5 YouTube video :

“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.”
Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first image 2 BTC/USDT, 1-month chart. Source: Rekt Capital

However, Bitcoin price may need to cool down based on a key technical indicator seen on the four-hour chart. Bitcoin’s relative strength index (RSI) peaked at 74 on June 5, before retracing to the current 68 level, according to TradingView .

While this suggests that Bitcoin is trading at fair value, the RSI may need to fall to around the 50 mark before the BTC price could see more upside momentum.

Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first image 3 BTC/USDT, 4-hour chart, RSI, Source: TradingView

The RSI is a popular momentum indicator used to measure whether an asset is oversold or overbought based on the magnitude of recent price changes.

Continued inflows from the United States spot Bitcoin exchange-traded funds (ETFs) could help BTC close the week above $71,300.

The U.S. Bitcoin ETFs saw collective inflows of $488.1 million on June 5. Moreover, Bitcoin ETFs recorded their second-best inflow day of $886.6 million on June 4. By Feb. 15, Bitcoin ETFs accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.