We consider the problem of approximate counting of triangles and longer fixed length cycles in directed graphs. For triangles, Tětek [ICALP'22] gave an algorithm that returns a $(1 \pm \eps)$-approximation in $\tilde{O}(n^ω/t^{ω-2})$ time, where $t$ is the unknown number of triangles in the given $n$ node graph and $ω<2.372$ is the matrix multiplication exponent. We obtain an improved algorithm whose running time is, within polylogarithmic factors the same as that for multiplying an $n\times n/t$ matrix by an $n/t \times n$ matrix. We then extend our framework to obtain the first nontrivial $(1 \pm \eps)$-approximation algorithms for the number of $h$-cycles in a graph, for any constant $h\geq 3$. Our running time is \[\tilde{O}(\mathsf{MM}(n,n/t^{1/(h-2)},n)), \textrm{the time to multiply } n\times \frac{n}{t^{1/(h-2)}} \textrm{ by } \frac{n}{t^{1/(h-2)}}\times n \textrm{ matrices}.\] Finally, we show that under popular fine-grained hypotheses, this running time is optimal.