Bitcoin Holds $109K As Chart Targets a Move to $165K This Cycle

Bitcoin remains above $109K after forming a rising pattern with consistent trendline support since late 2022.

Chart projections now suggest a move toward $165K as price consolidates above resistance with strong structure.

Past rallies have followed similar setups where Fibonacci levels align with strong trend continuation across cycles.

Bitcoin has reached $109,216 on the weekly chart, edging closer to a potential breakout toward a projected level of $165,261. This movement follows a consistent pattern of ascending support and confirmed resistance breaks dating back to late 2022. The price now sits just above its most recent resistance zone, with technical projections pointing to further upside.

Source: X Consistent Trendline Supports Build Price Momentum

The chart shows three green ascending trendlines that have held support across multiple market cycles since 2022. Each breakout from previous horizontal resistance zones led to rapid price acceleration in the following weeks. These resistance zones are drawn at three critical points—roughly $31,000, $49,000, and $73,000.

Bitcoin has moved steadily upward since November 2022, maintaining support above the lowest green trendline. The current rally follows a similar structure observed during past breakouts. Price consolidates beneath resistance, breaks through, and then quickly trends higher.

Every previous breakout, indicated by black vertical arrows, shows consistent upward movement with little drawdown. The chart structure has been maintained through 2023 and 2024. Price action has respected both the support trendlines and resistance bands with notable precision.

Key Fibonacci Extension Sets Target at $165,261

The black arrow projecting upward from the most recent breakout zone ends at $165,261. This level represents the 2.618 Fibonacci extension from the last significant consolidation pattern. Fibonacci extensions are widely used by traders to identify potential upside targets after breakouts.

Currently, Bitcoin is trading around $109,200, just above the last horizontal resistance area. The weekly structure supports an upside continuation if this price holds through the current candle close. Historical patterns on the chart suggest that a full extension may bring price close to the projected $165K level.

The consistent use of Fibonacci levels in the chart supports this projection as technical analysis builds confidence among market participants. These patterns have historically played out across multi-month cycles in Bitcoin’s market history.

If price sustains above $109,000 over the next several sessions, it would align with previous breakouts that followed a similar trajectory. Each pattern in the chart has repeated with strong structure, showing that the current move is not without precedent.

Can Bitcoin Repeat Its Pattern to Reach $165K?

As Bitcoin nears the upper resistance channel, one central question emerges: can this pattern repeat and push the price to $165,261?

The chart's structure has remained consistent for nearly two years, with each breakout leading to sharp price gains. Price has respected rising support levels while moving higher from $15,000 lows in late 2022. Since then, every horizontal resistance level has eventually been reclaimed and surpassed.

Technical patterns suggest this move is not speculative but a continuation of an established trend. Price is showing strength, maintaining a slow but clear upward curve with no major breakdown in structure. If the same distance repeats from the current consolidation, the projection to $165K remains valid.

Past price behaviors, including duration and amplitude, support the notion that the breakout may follow a familiar path. If Bitcoin clears its recent ceiling, the Fibonacci extension offers a possible next destination. The market structure on the weekly chart supports this potential rally with historical reliability.