Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin has been gaining strength over the past several days, with price action relaying the buying interest frominstitutional players. A surge of inflows into spot Bitcoin ETFs helped push the price to $109,758, followed shortly after by another move to around $110,386in the past 24 hours. This brings Bitcoin within close proximity to its price peak just above $111,000.
Now that momentum is clearly leaning bullish,technical analysis shows a breakout that could see Bitcoin increase by another 52% within the next three months. Fibonacci Extension Model Points To $166,000 Price Target
CryptoCon shared a chart based onFibonacci extensions that places the next major upside target at $166,754. This level corresponds to the 5.618 Fibonacci ratio and marks a projected 52% increase from the current region around $109,000. The analyst highlighted how previous Fibonacci extension levels like $30,362, $46,831, $71,591, and $109,236, have all aligned with important points for Bitcoin’s price action throughout the ongoing cycle. Related Reading Bitcoin Price To See 52% Increase To $166,000, Analyst Reveals Tight Timeline 4 hours ago
According to CryptoCon, this model has consistently tracked Bitcoin’s movesover the past two years. As shown in the price chart below, the 1.618, 2.618, 3.618, and 4.618 Fibonacci extension levels have all been reached this cycle, with the latest being $109,236 at the 4.618 Fib level. Keeping this in mind, the next Fibonacci extension level is at 5.618, which corresponds to $166,754. Source: Crypto Con on X
The $166,000 mark has remained unchanged as the cycle’s next projection. But although the timing has proven difficult to nail down, the structure of the chart is still intact and continues to validate the target. Bitcoin’s price action is currently sitting just above the 4.618 extension level, and a 52% rally from here would complete the pattern. Revised Timeline Pushes Target To September
Although the projection for $166,000 is still consistent, the timeline to reach it has undergone several adjustments. CryptoCon estimates that Bitcoin could reach the $166,000 level by September;however, he also acknowledged that the forecast has shifted several times. Related Reading Bitcoin Price At $145,000 In September? Bullish Dojis Suggest Upward Move 4 days ago
He explained that the current cycle has taken longer than any previous one, which has caused earlier predictions to be delayed. To put this in perspective, Bitcoin’s current cycle began in late 2022 after it reached a bottom around $15,000 during the bear market. This means the current bull phase has dragged on for almostthree years. Still, data has shown over and over that the cycle is not finished, and so the only thing left to do is to wait.
At the time of writing, Bitcoin is trading at $109,110. If the $160,000 price target is eventually reached in September, the next outlook would be apossible move to the 6.618 Fib extension, which is sitting at a price target of $254,162. BTC trading at $109,020 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com