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A cryptocurrency analyst has revealed striking similarities between bitcoin's Chicago Mercantile Exchange (CME) chart from the end of the fourth quarter of 2024 and 2023. According to the analyst's report, 2024 bitcoin CME Chart replicates the price action observed in 2023, experiencing similar technical patterns, wave structures, price movements, and specific key indicators.
bitcoin CME Chart Reflects 2023 Price Action
A comparative analysis of bitcoin's November/December 2023 and November/December 2024 CME charts reveals striking parallels. the graphics, <a target="_blank" href="https://x.com/tonythebullbtc/status/1866479987198685226?s=46″ rel=”nofollow”>shared on x (formerly twitter) by crypto analyst and market technician Tony Severino, presents a nearly identical picture Elliott Wave account, showing five distinct waves that indicate classic bullish patterns.
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The price action on both charts highlights an important consolidation breakoutwith bitcoin's bullish momentum increasing as November and December approach. Additionally, the Bollinger Bands for bitcoin's CME charts are similarly expanding, indicating potential for a continuation of the uptrend.
Bollinger Bands They are unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. If we look at Severino's bitcoin CME chart for 2023 and 2024, the price sits in the upper Bollinger band for both years, suggesting a strong bullish trend.
To add weight to the analysis of these parallel CME charts, the analyst has revealed that both charts display similar characteristics. Fibonacci Extensions. In 2023, the 4,416 and 6 Fibonacci extension levels served as crucial markers, with btc rallying to reach their equivalent price levels at $39,265 and $45,250, respectively. These same Fib extension levels were also highlighted on bitcoin's 2024 CME chart, suggesting that bitcoin could repeat history and reach <a target="_blank" href="https://bitcoinist.com/bitcoin-set-for-another-surge-beyond-100000-level/amp/” rel=”nofollow”>new price targets of $105,465 and $124,125, respectively.
Another key factor that Severino identified in both bitcoin CME charts is the presence of gaps. TO CME Futures Gap refers to the differences between the closing and opening prices of btc on the CME. In 2023, a CME gap filled during bitcoin's price rally, and the 2024 chart also highlights a comparable gap near the $124,125 mark.
$120,000 btc price target in sight
While delving into the price action and key technical indicators of bitcoin's November/December 2023 and 2024 CME charts, Severino predicted that bitcoin could be preparing for a <a target="_blank" href="https://bitcoinist.com/bitcoin-at-120k-trading-firm-links-trumps-reserve-plan-to-bold-prediction/amp/” rel=”nofollow”>bullish move above $120,000. The analyst has based this optimistic projection on the striking similarities between the Fibonacci extension levels of both CME bitcoin charts.
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At the beginning of last week, the btc price experienced a sharp rise above $104,000, marking a new all-time high. However, the cryptocurrency quickly corrected to $94,000, with many analysts describing this drop as “bitcoin Sudden Drop.”
Currently, bitcoin is trading at $97,638, seeing a steady price rise from previous lows. If the cryptocurrency can maintain a stable bullish position, bitcoin may rise back towards its level $100,000 ATH.
Featured image created with Dall.E, chart from Tradingview.com
