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

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

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

Wyckoff accumulation is a classic technical analysis setup named after Richard Wyckoff, a technical analysis pioneer in the first half of the 20th century who broke down the market cycle into four distinct phases.

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

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:

However, Bitcoins price may need to cool down based on a key technical indicator seen on the four-hour chart. Bitcoins 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 BTCs price can see more upside momentum.

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 ETFssaw 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 ETFsaccounted for about 75% of new investment in the worlds largest cryptocurrency as it surpassed the $50,000 mark.

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Bitcoin Wyckoff pattern eyes $85K, but BTC price must close the week above this level first - Cointelegraph