Bitcoin CME Chart Shows Striking Similarities To 2023, Here’s What Happened Last Time

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As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I find the parallels between Bitcoin’s CME charts from late 2023 and 2024 quite intriguing. The similarities in technical patterns, wave structures, price movements, and key indicators such as the Elliott Wave count, Bollinger Bands, Fibonacci extensions, and gaps are striking, to say the least.

A cryptocurrency expert has pointed out striking parallels between the Bitcoin chart on the Chicago Mercantile Exchange (CME) from the end of Q4 2024 and that of 2023. As outlined in the analyst’s report, the Bitcoin CME chart for 2024 appears to mirror the price behavior seen in 2023, including identical technical patterns, wave structures, price fluctuations, and critical key markers.

Bitcoin CME Chart Mirrors 2023 Price Action

An examination of Bitcoin CME graphs from November/December 2023 and November/December 2024, posted by crypto analyst and market technician Tony Severino on X (previously known as Twitter), reveals remarkably similar trends. These charts display a nearly identical Elliott Wave count, highlighting five distinct waves that suggest typical bullish patterns.

In simpler terms, both graphs show a substantial escape from a period of limited movement in Bitcoin’s price, which is gaining strength as we move towards November and December. Also, the Bollinger Bands for the Bitcoin Futures Market (CME) are widening, suggesting a possible prolongation of the upward trend.

Bollinger Bands serve as distinctive technical indicators, helping to spot swift short-term price fluctuations and possible entry or exit points. Examining Severino’s Bitcoin CME chart from 2023 and 2024 reveals that the price consistently hovers near the upper Bollinger Band in both years, implying a robust bullish tendency.

Based on a comparison of the two CME charts for Bitcoin in 2023 and 2024, an analyst found that they share similar Fibonacci extension patterns. In the year 2023, significant milestones were reached at the 4.416 and 6 Fibonacci extension levels, with BTC prices reaching approximately $39,265 and $45,250 respectively. Interestingly, these same Fibonacci extension levels have been identified on the 2024 CME chart for Bitcoin, implying that history may repeat itself and Bitcoin could potentially reach new price targets of around $105,465 and $124,125 at those levels.

One significant aspect that Severino highlighted on both Bitcoin CME graphs is the appearance of voids or gaps. In essence, a CME futures gap denotes the discrepancy between the closing and opening prices of Bitcoin on the CME. In 2023, a CME gap was filled during Bitcoin’s price surge, while the 2024 chart indicates another similar gap around the $124,125 level.

$120,000 BTC Price Target In Sight

By closely examining the historical price trends and crucial technical markers from the Bitcoin CME graphs for November-December 2023 and 2024, analyst Severino anticipates a potential bullish surge exceeding $120,000 might be imminent. This positive forecast is primarily grounded on the notable Fibonacci extension patterns observed in both Bitcoin CME charts.

Last week, Bitcoin’s price spiked dramatically beyond $104,000, setting a record high. But it swiftly dropped to $94,000, leading some analysts to call it an unexpected plunge, or in their terms, a “Bitcoin flash crash.

At present, Bitcoin’s value stands at approximately $97,638, showing a consistent uptrend from earlier low points. If Bitcoin manages to keep a strong bullish trend going, there’s a possibility that it could surge again towards its all-time high of $100,000.

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2024-12-11 22:34