Bitcoin has been gaining strength over the past several days, with price action relaying the buying interest from institutional players. A surge of inflows into spot Bitcoin ETFs helped push the price to $109,758, followed shortly after by another move to around $110,386 in 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 on Fibonacci 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 Makes History With Highest Monthly Close, But Volume Is Still Bearish According to CryptoCon, this model has consistently tracked Bitcoin’s moves over the past two years ..
Support the originator by clicking the read the rest link below.
