A crypto analyst has uncovered strange similarities between Bitcoin’s Chicago Mercantile Exchange (CME) chart between Q4 2024 and 2023. 2024, according to analyst reports Bitcoin CME Chart The price action seen in 2023 repeats, experiencing similar technical patterns, wave structures, price action, and specific key indicators.
Bitcoin CME Chart Mirrors 2023 Price Action
A comparative analysis of the November/December 2023 and November/December 2024 Bitcoin CME charts reveals striking similarities. chart, shared By crypto analyst and market technician Tony Severino on X (formerly Twitter), there is an almost identical feature. Elliott Wave count, demonstrating five distinct waves that characterize the classical bullish pattern.
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The price action in both charts reveals an important Breakout from consolidationBitcoin is growing rapidly as November and December approach. Additionally, the Bollinger Bands for the Bitcoin CME chart are similarly widening, indicating the possibility of a continuation of the upward trend.
Bollinger bands There are unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. Looking at Severino’s Bitcoin CME charts for 2023 and 2024, the price is riding the upper Bollinger Band for both years, suggesting a strong bullish trend.
Adding weights to the analysis of these parallel CME charts, the analyst reveals that both charts exhibit similar Fibonacci Extensions. In 2023, the 4.416 and 6 Fibonacci extension levels served as important markers, with BTC rallying to reach their par value levels at $39,265 and $45,250, respectively. These same Fib extension levels are also highlighted on the 2024 Bitcoin CME chart, suggesting that Bitcoin may repeat and hit history. New price targets $105,465 and $124,125, respectively.
Another key factor Severino identified on both Bitcoin CME charts is the presence of gaps. A CME Futures Gap Represents the difference between the closing and opening prices of BTC on CME. In 2023, A The CME gap was filled During the Bitcoin price rally, the 2024 chart also indicated a comparable gap near the $124,125 mark.
A $120,000 BTC price target is in sight
Delving deeper into the price action and key technical indicators of the November/December 2023 and 2024 Bitcoin CME charts, Severino predicted that Bitcoin could be preparing for a Bullish move above $120,000. The analyst based this optimistic estimate on the striking similarities between the Fibonacci extension levels of both Bitcoin CME charts.
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Earlier last week, the Price of BTC experienced a sharp rise above $104,000, marking a new all-time high. However, the cryptocurrency quickly rallied to $94,000, with many analysts describing the decline as “Bitcoin flash crash“
Currently, Bitcoin is trading at $97,638, experiencing steady price growth from previous lows. If the cryptocurrency can maintain a stable bullish position, it is possible that Bitcoin could bounce back. $100,000 ATH.
Featured image created with Dall.E, chart from Tradingview.com
