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In recent developments, a crypto analyst has drawn attention to the striking resemblances between the Bitcoin Chicago Mercantile Exchange (CME) charts for late Q4 2023 and 2024. This analysis reveals that the 2024 Bitcoin CME chart mirrors the price action observed in 2023, displaying similar technical patterns, wave structures, and key indicators that are pivotal for forecasting future trends.
Bitcoin CME Chart Mirrors 2023 Price Action
A comprehensive comparison of the Bitcoin CME charts from November and December of both 2023 and 2024 uncovers astonishing parallels. These charts, shared by respected crypto analyst and market technician Tony Severino on social media platform X (formerly known as Twitter), display a nearly identical Elliott Wave count. This pattern, characterized by five distinct waves, is indicative of traditional bullish trends.
Key Technical Indicators Revealed
The price action within both charts underscores a significant breakout from consolidation phases, with Bitcoin’s bullish momentum intensifying as the close of the year looms. The expansion of the Bollinger Bands in both charts further signals the potential for a continued upward trend. The Bollinger Bands, a crucial technical analysis tool, aid in identifying sharp short-term price movements and optimal entry and exit points for traders. In both the 2023 and 2024 Bitcoin CME charts, the price is seen riding the upper Bollinger Band, suggesting a robust bullish trend is underway.
Fibonacci Extensions: A Predictive Tool
Adding depth to Severino’s analysis of these parallel CME charts is the revelation of similar Fibonacci extensions in both years. In 2023, the 4.416 and 6 Fibonacci extension levels were pivotal, with Bitcoin reaching equivalent price levels at $39,265 and $45,250, respectively. These Fibonacci levels have been marked on the 2024 chart as well, suggesting that Bitcoin might once again achieve new price milestones, potentially reaching targets of $105,465 and $124,125.
Gaps in the CME Charts
An additional factor identified by Severino in both Bitcoin CME charts is the presence of gaps. A CME futures gap refers to the discrepancy between the closing and opening prices of Bitcoin on the CME. In 2023, a notable CME gap was filled during Bitcoin’s price rally, and the 2024 chart similarly highlights a comparable gap near the $124,125 level.
$120,000 Bitcoin Price Target In Sight
Through an in-depth examination of the price action and critical technical indicators on the Bitcoin CME charts for November and December 2023 and 2024, Severino has made a bullish forecast. He predicts that Bitcoin might be gearing up for a significant move above the $120,000 mark. This optimistic outlook is largely based on the striking similarities in the Fibonacci extension levels observed in both years’ charts.
Recent Price Movements and Future Prospects
Last week, Bitcoin experienced a dramatic surge, crossing above $104,000 to set a new all-time high. However, this was immediately followed by a correction, with the price falling to $94,000, leading many analysts to describe the event as a “Bitcoin flash crash.” Currently, Bitcoin is trading at $97,638, showcasing a steady recovery from its recent lows. If Bitcoin maintains its bullish trajectory, there is a possibility that it could once again approach its $100,000 all-time high.
