Bitcoin has won in force in the past few days, with a price relay the purchase interest from Institutional players. An increase in entries in the FNB Bitcoin Spot helped bring the price to $ 109,758, followed shortly after per Another move to around $ 110,386 In the past 24 hours. This brings Bitcoin near its price of prices just over $ 111,000.
Now this momentum is clearly leaning bullish, Technical analysis shows an escape that could see Bitcoin increase by 52% in the next three months.
The Fibonacci extension model indicates the price target of $ 166,000
Cryptodine shared a graphic based on Fibonacci extensions which places the next main increase in $ 166,754. This level corresponds to the Fibonacci ratio of 5.618 and marks a planned increase of 52% compared to the current region around $ 109,000. The analyst underlined how previous fibonacci extension levels such as $ 30,362, $ 46,831, $ 71,591 and $ 109,236 all aligned important points for the action of Bitcoin prices throughout the current cycle.
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According to Cryptocon, this model has always Bitcoin movements followed Over the past two years. As the price table below shows, the Fibonacci 1.618, 2,618, 3.618 and 4,618 extension levels were all reached this cycle, the last one of $ 109,236 at the level of 4.618 FIB. Keeping this in mind, the next level of extension of Fibonacci is 5.618, which corresponds to $ 166,754.
The $ 166,000 mark remained unchanged as the next cycle screening. But although the moment has proven to be difficult to nail, the structure of the graph is always intact and continues to validate the target. The action of Bitcoin prices is currently located just above the level of extension of 4.618, and a 52% rally by the model.
The revised chronology pushes the target until September
Although the projection of $ 166,000 is still consistent, the calendar to browse it has undergone several adjustments. Cryptocon estimates that Bitcoin could reach $ 166,000 Level by September; However, he also admitted that forecasts had changed several times.
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He explained that the current cycle took more time than any precedent, which caused previous predictions. To put this in perspective, the current Bitcoin cycle started at the end of 2022 after reaching a background of about $ 15,000 during the bear market. This means the current bull phase dragged for almost Three years. However, the data has repeatedly shown that the cycle is not finished, and therefore the only thing to do is to wait.
At the time of writing the editorial staff, Bitcoin is negotiated at $ 109,110. If the price target of $ 160,000 is finally reached in September, The following perspectives would be a Possible move to the FIB 6,618 extension, which is a price target of $ 254,162.
Pixabay star image, tradingView.com graphic