Bitcoin Headed To $135,000? Analyst Uses Fibonacci Extension To Make the Case

Bitcoin (BTC) has surged more than 10% over the past seven days and is currently trading in the low $90,000 range. Crypto analyst Titan of Crypto suggests that further gains may be on the horizon based on Fibonacci extension levels.

Bitcoin May Climb To $135,000

In a post published on X today, Titan of Crypto outlined Bitcoin’s potential path to $135,000. Using Fibonacci extension levels, the analyst predicts that the flagship digital asset could surge as high as $135,109 by July-August 2025.

For the uninitiated, Fibonacci extension levels are technical analysis tools used to identify potential price targets during strong trends by projecting key Fibonacci ratios beyond a recent price swing. Traders use these levels to anticipate where an asset might find resistance or complete a move after a breakout.

According to the following weekly BTC chart shared by Titan of Crypto, a 100% Fibonacci extension from Bitcoin’s recent retest of the $76,000 support level projects its next major target near $135,000.

The chart highlights similar price behavior from August 2024, when BTC surged nearly 100%, setting a new all-time high (ATH) around $73,000 by November 2024. If the current trend follows a similar trajectory, BTC may post a new ATH by July 2025.

Other crypto analysts also predict positive price action for the leading digital asset. For example, crypto analyst Jelle shared a chart showing BTC breaking through a downside deviation.

Jelle noted that BTC is giving bulls “exactly what they want to see.” Following the recent rally, BTC experienced a shallow pullback and appears poised to confirm a range-low reclaim before potentially pushing higher. The analyst added that BTC could next test resistance near $100,000.

Binance Data Indicates An Upcoming Short Squeeze

Adding to the bullish case is trading data from Binance. According to a CryptoQuant Quicktake post by Novaque Research, BTC outflows from the exchange have risen significantly since April 19.

The surge in withdrawals is backed by declining exchange reserves, suggesting reduced short-term selling pressure and a market increasingly driven by retail participants. The post states:

High-leverage longs were flushed out between $82K and $88K, indicating that weak hands had been eliminated. Large short positions remain susceptible above $92,000, creating the possibility of a short squeeze, which might act as the next step higher.

Broader macroeconomic factors could also contribute to BTC’s upside. For instance, rising concerns over the US Federal Reserve’s autonomy may drive investors toward decentralized assets like Bitcoin. At press time, BTC trades at $93,302, up 0.8% in the last 24 hours.