Analysis: BTC may retest $74K in coming weeks

It is possible for Bitcoin to retest the $74,000 level in the next few weeks as the flagship token is now sitting at a maturing Wyckoff reaccumulation pattern, alongside increasing likelihood of three rate cuts by late 2024, Cointelegraph reported. The Wyckoff reaccumulation pattern refers to a technical setup that focuses on identifying phases of consolidation and accumulation in the wake of a prolonged uptrend. The price usually goes through nine key phases under this pattern, and BTC is currently testing its Spring phase low at around $53,400, according to a recent X post by independent analyst Moustache.