A crypto analyst has revealed an unlikely similarity between the Chicago Mercantile Exchange (CME) Bitcoin chart from the end of Q4 2024 and 2023. According to the analyst's report, the 2024 Graph of Bitcoin CME retracing the price action seen in 2023, experiencing similar technical patterns, wave structures, price movements, and specific key indicators.
Bitcoin CME Chart Mirror 2023 Price Action
A comparative analysis of the Bitcoin CME charts from November/December 2023 and November/December 2024 reveals striking parallels. The records, divided on X (formerly Twitter) by crypto analyst and market technician Tony Severino, reveals an almost identical Elliott wave count, displaying five distinct waves that indicate classic bullish patterns.
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The price action in both charts shows something important break out of consolidationwith Bitcoin's bullish momentum increasing as November and December approach. In addition, the Bollinger Bands for the Bitcoin CME charts are expanding in the same way, indicating the possibility of an upward movement.
Bollinger Bands are unique technical analysis tools for identifying sharp short-term price movements and entry and exit points. Looking at Severino's CME Bitcoin chart for 2023 and 2024, the price is riding the Bollinger Band above for both years, suggesting a strong bullish trend.
Adding weight to the analysis of these parallel CME charts, the analyst has revealed that both charts show the same Fibonacci extensions. In 2023, the 4.416 and 6 Fibonacci extension levels were crucial indicators, with BTC rallying to reach their corresponding price levels at $39,265 and $45,250, respectively. These same Fib extension levels were also identified on the 2024 Bitcoin CME chart, suggesting that Bitcoin could repeat history and hit new price targets of $105,465 and $124,125, respectively.
Another key feature that Severino identified on the two Bitcoin CME charts is that there are gaps. A CME future gap refers to the differences between the closing and opening prices of BTC on the CME. In 2023, a The CME gap has been filled during the Bitcoin price rally, with the 2024 chart also showing a relative gap near the $124,125 mark.
$120,000 BTC price target in sight
While delving deep into the price action and key technical indicators of the November/December 2023 and 2024 Bitcoin CME charts, Severino predicted that Bitcoin could prepare for its bullish trend above $120,000. The analyst has based this optimistic projection on the striking similarities between the Fibonacci expansion levels of both Bitcoin CME charts.
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Earlier last week, the BTC price experienced a sharp increase above $104,000, marking a new all-time high. However, the cryptocurrency quickly corrected to $94,000, with many analysts describing this decline as “Bitcoin flash crash.”
Currently, Bitcoin is trading at $97,638, seeing a steady increase in prices from previous lows. If the cryptocurrency can maintain a stable bullish position, it is possible that Bitcoin could rise back towards it $100,000 AGAIN.
Featured image created by Dall.E, chart from Tradingview.com
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