Bitcoin has gained strength in recent days, with a price promotion passing on the purchase interest of Institutional players. An increase in the inflow into spot Bitcoin ETFs helped to push the price to $ 109,758, followed shortly thereafter by Another step to around $ 110,386 In the last 24 hours. This brings Bitcoin within the vicinity of his price peak just above $ 111,000.
Now that momentum is clearly leaning bullish, Technical analysis shows an outbreak that Bitcoin could increase by another 52% within the next three months.
Fibonacci Extension Model points to $ 166,000 price target
Cryptocon shared a graph based on Fibonacci extensions that places the next large upward target at $ 166,754. This level corresponds to the 5,618 Fibonacci ratio and marks a projected increase of 52% compared to the current region by around $ 109,000. The analyst emphasized how earlier Fibonacci extension levels such as $ 30.362, $ 46,831, $ 71,591 and $ 109,236, all are tailored to important points for the Bitcoin price action during the current cycle.
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According to Cryptocon, this model is consistent followed Bitcoin’s movements in the past two years. As shown in the price diagram below, the 1,618, 2.618, 3.618 and 4,618 Fibonacci extension levels are all reached this cycle, with the last $ 109,236 at the 4.618 FIB level. If you keep this in mind, the next Fibonacci extension level 5.618, which corresponds to $ 166,754.
The $ 166,000 has remained unchanged as the next projection of the cycle. But although the timing has been difficult to grasp, the structure of the graph is still intact and the goal remains validated. The price promotion of Bitcoin is currently just above the level of expansion of 4,618, and a 52% rally from here would complete the pattern.
Revised timeline pushes the target to September
Although the projection for $ 166,000 is still consistent, the timeline to reach these has undergone different adjustments. Cryptocon estimates that Bitcoin could reach $ 166,000 level by September; However, he also acknowledged that the prediction has shifted several times.
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He explained that the current cycle lasted longer than any previous ones, so that earlier predictions were delayed. To put this in perspective, the current Bitcoin cycle began at the end of 2022 after it reached a bottom of around $ 15,000 during the Berenmarkt. This means the current bull phase is almost dragged through Three years. However, data has always shown that the cycle has not been completed, and therefore the only thing to do is wait.
At the time of writing, Bitcoin acts at $ 109,110. If the target of $ 160,000 is finally reached in September, The following prospects would be one Possible relocation to the 6,618 FIB extension, which stands for a price target of $ 254,162.
Featured image of Pixabay, graph of TradingView.com