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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&#8217;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. 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. 
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&#8217;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 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&#8217;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 almost three 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 a possible move to 
the 6.618 Fib extension, which is sitting at a price target of $254,162. 
Featured image from Pixabay, chart from Tradingview.com

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