Bitcoin Surges 1% to $110,386 as Institutional Buying Drives Price

Bitcoin has been experiencing a surge in price over the past few days, driven by significant buying interest from institutional players. This momentum has pushed the price to around $109,758, followed by another increase to approximately $110,386 within the last 24 hours. This places Bitcoin close to its previous peak just above $111,000.

Technical analysis suggests that Bitcoin could see a 52% increase within the next three months, reaching a price target of $166,000. This projection is based on a Fibonacci Extension Model, which has historically aligned with important price points for Bitcoin. Previous Fibonacci extension levels, such as $30,362, $46,831, $71,591, and $109,236, have all corresponded with significant price movements in Bitcoin's ongoing cycle. The next major upside target, according to this model, is $166,754, which represents a 52% increase from the current price around $109,000.

The analyst behind this projection, CryptoCon, has noted that the model has accurately tracked Bitcoin's price movements over the past two years. The current price action is just above the 4.618 Fibonacci extension level, and a 52% rally from this point would complete the pattern. However, the timeline for reaching the $166,000 target has been adjusted several times due to the prolonged nature of the current cycle, which began in late 2022. Despite these delays, the structure of the chart remains intact, validating the target.

CryptoCon estimates that Bitcoin could reach the $166,000 level by September. This forecast has shifted multiple times due to the extended duration of the current cycle, which has lasted almost three years. If the $166,000 price target is achieved by September, the next potential move would be to the 6.618 Fibonacci extension level, which is projected at $254,162. At the time of writing, Bitcoin is trading at approximately $109,110, reflecting the ongoing bullish momentum in the market.