Bitcoin Forms Measured Rally Setup with Fibonacci Target at $165K

• Bitcoin followed a similar breakout structure from past moves and now shows a clear rise toward $165K levels.
• Price held strong above a long-term trendline and confirmed a breakout from the $105K range in early June.
• The chart projection uses a 2.618 Fibonacci extension and shows BTC could reach $165,281 without a new pullback.

Bitcoin trades near $109,392 following a breakout from a multi-month resistance zone around $105,000, with eyes now on $165,281. A weekly chart posted June 10, 2025, by JakkMarketsResearch shows Bitcoin moving within an ascending triangle, preparing for a major upside.

The chart uses weekly candles on Kraken’s BTC/USD pair, drawing a rising support line from late 2022 through mid-2025. Three major consolidation phases are marked with red horizontal lines, each followed by a breakout and vertical price rally.

The latest formation replicates previous breakouts in 2023 and 2024, which saw Bitcoin jump after forming bases near $30,000 and $60,000. The current structure confirms a breakout from the $105,000 level, with Fibonacci extension 2.618 targeting $165,281.

Measured Moves Support $165K Fibonacci Projection

The chart shows all previous breakouts aligning with symmetrical uptrend lines. Each move followed a consolidation phase within horizontal resistance bands. Once broken, price rallied and formed new ascending zones. The first major resistance held near $30,000 through mid-2023. After breaking, Bitcoin climbed to over $60,000 before stalling. That move reflected a clear, measured move, driven by sustained volume and market entry.

A similar breakout occurred in 2024 after consolidation near $60,000, leading to a rally close to $105,000. The chart replicates this price action in the current phase. Bitcoin now sits just above the previous resistance. The green ascending trendline has consistently supported price, validating long-term bullish strength. The price has respected this structure since early 2023. Each time the price touched the support zone, a fresh upward impulse followed.

The current breakout shows price rising above the previous box zone. This area had acted as a resistance from December 2024 through April 2025. A successful breakout was recorded in May, confirmed by a candle close above the line. Now, the Fibonacci extension level of 2.618 points to $165,281 as the next major upside. This level aligns with the same projection used in prior cycles. Based on the chart structure, price follows a rhythmic breakout sequence.

Will Bitcoin Reach the $165K Target This Cycle?

The upward projection depends on the market’s ability to hold the price above the breakout level. A failure to remain above $105,000 could lead to a retest of lower support zones around $95,000 or $90,000. Price has fallen sharply from this region before, making it a key area.

Volume support will be critical. If volume matches levels seen in past breakouts, momentum toward $165,000 remains viable. A clean close above $110,000 on the weekly could confirm acceleration toward the target.