Bitcoin CME Chart Shows Striking Similarities To 2023, Here’s What Happened Last Time
A cryptocurrency analyst has revealed striking similarities between Bitcoin’s Chicago Mercantile Exchange (CME) charts at the end of the fourth quarter of 2024 and 2023. According to analyst reports, 2024 Bitcoin CME Chart Replicate the price action of 2023, experiencing similar technical patterns, wave structures, price action and specific key indicators.
Bitcoin CME chart reflects 2023 price action
A comparative analysis of Bitcoin CME charts for November/December 2023 and November/December 2024 revealed striking similarities. chart, shared Posted by crypto analyst and market technician Tony Severino on X (formerly Twitter) with almost the same functionality Elliot Waves The count, showing five distinct waves, indicates a classic bullish pattern.
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The price action in both charts highlights an important Breakout from consolidationAs November and December approach, Bitcoin’s bullish momentum surges. Additionally, the Bollinger Bands on the Bitcoin CME chart are similarly expanding, indicating that the uptrend is likely to continue.
Bollinger Bands is a unique technical analysis tool used to identify severe short-term price swings and potential entry and exit points. Looking at Severino’s Bitcoin CME chart for 2023 and 2024, the price has been above the Bollinger Bands for two consecutive years, indicating a strong bullish trend.
Analysts revealed that the two charts show similar content, which adds weight to the analysis of these parallel CME charts. Fibonacci Extension. In 2023, the 4.416 and 6 Fibonacci extension levels became key markers, with BTC rebounding to corresponding price levels at $39,265 and $45,250 respectively. These same Fib expansion levels are also highlighted on the Bitcoin CME 2024 chart, suggesting that Bitcoin may repeat history and hit new price target $105,465 and $124,125 respectively.
Another key factor Severino pointed out on the Bitcoin CME chart is the presence of gaps. one CME Futures Gap Refers to the difference between the closing price and opening price of BTC on CME. 2023, CME gap filled The 2024 chart also highlighted a similar gap near $124,125 during the Bitcoin price rally.
$120,000 BTC price target in sight
In an in-depth look at CME Bitcoin price action and key technical indicators for November/December 2023 and December 2024, Severino predicts that Bitcoin is likely to Bullish break above $120,000. The analyst based this optimistic prediction on the striking similarity between the Fibonacci extension levels of the two Bitcoin CME charts.
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early last week, bitcoin price It surged sharply above $104,000, setting a new all-time high. However, the cryptocurrency soon pulled back to $94,000, with many analysts describing the decline as “Bitcoin flash crash“.
Currently, Bitcoin is trading at $97,638, with the price rising steadily from its previous lows. If the cryptocurrency can maintain a stable bullish position, Bitcoin could potentially rise back to its levels $100,000.
Featured image created using Dall.E, chart from Tradingview.com
