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A crypto analyst has revealed uncanny similarities between Bitcoin’s Chicago Mercantile Exchange (CME) chart from late Q4 2024 and 2023. According to the analyst’s report, the 2024 Bitcoin CME chart replicates the 2023 price action and experiences similar technical patterns, wave structures, price movements and specific key indicators.
Bitcoin CME Chart Reflects 2023 Price Action
A comparative analysis of the November/December 2023 and November/December 2024 Bitcoin CME charts reveals striking parallels. The graphs, shared on X (formerly Twitter) by crypto analyst and market technician Tony Severino, contain a nearly identical one Elliott Golf count, showing five different waves that indicate classic bullish patterns.
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The price action on both charts indicates a significant one breakout from consolidationwith Bitcoin’s bullish momentum increasing as November and December approach. Furthermore, the Bollinger Bands for the Bitcoin CME charts are expanding in the same manner, indicating a potential for a continuation of the uptrend.
Bollinger bands are unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. Looking at Severino’s Bitcoin CME chart for 2023 and 2024, the price is moving at the upper Bollinger Band both years, indicating a strong bullish trend.
By adding weight to the analysis of these parallel CME charts, the analyst has revealed that both charts are similar Fibonacci extensions. In 2023, the Fibonacci extension levels 4,416 and 6 served as crucial markers, with BTC rallying to reach their equivalent price levels of $39,265 and $45,250 respectively. These same Fib expansion levels have also been highlighted on the 2024 Bitcoin CME chart, suggesting that Bitcoin could repeat history and become a hit. new price targets of $105,465 and $124,125 respectively.
Another important factor that Severino identified on both Bitcoin CME charts is the presence of gaps. A CME futures gap refers to the differences between the closing and opening prices of BTC on the CME. In 2023, a The CME gap was filled during Bitcoin’s price surge, with the 2024 chart also showing a similar gap around $124,125.
$120,000 BTC price target in sight
While digging deep 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 projection 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 saw 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 decline as a “Bitcoin flash crash.”
Currently, Bitcoin is trading at $97,638, experiencing a steady price increase from previous lows. If the cryptocurrency can maintain a stable bullish position, it is possible that Bitcoin could rise towards its position again $100,000 ATH.
Featured image created with Dall.E, chart from Tradingview.com