A crypto analyst has unveiled uncanny similarities between Bitcoin’s Chicago Mercantile Alternate (CME) chart from late This fall 2024 and 2023. In line with the analyst’s report, the 2024 Bitcoin CME chart replicates the value motion seen in 2023, experiencing comparable technical patterns, wave constructions, worth actions, and particular key indicators.
Bitcoin CME Chart Mirrors 2023 Value Motion
A comparative evaluation of the Bitcoin CME charts from Nov/Dec 2023 and Nov/Dec 2024 reveals putting parallels. The charts, shared on X (previously Twitter) by crypto analyst and market technician Tony Severino, function a near-identical Elliott Wave depend, showcasing 5 distinct waves that point out classical bullish patterns.
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The value motion in each charts highlights a big breakout from consolidation, with Bitcoin’s bullish momentum surging as November and December strategy. Furthermore, the Bollinger Bands for the Bitcoin CME charts are increasing equally, indicating a possible for an upward pattern continuation.
Bollinger Bands are distinctive technical evaluation instruments for figuring out sharp short-term worth actions and potential entry and exit factors. Taking a look at Severino’s Bitcoin CME chart for 2023 and 2024, the value is using the higher Bollinger Band for each years, suggesting a powerful bullish pattern.
Including weight to the evaluation of those parallel CME charts, the analyst has revealed that each charts showcase comparable Fibonacci extensions. In 2023, the 4.416 and 6 Fibonacci extension ranges served as essential markers, with BTC rallying to achieve their equal worth ranges at $39,265 and $45,250, respectively. These identical Fib extension ranges have additionally been highlighted on the 2024 Bitcoin CME chart, suggesting that Bitcoin may repeat historical past and hit new price targets of $105,465 and $124,125, respectively.
One other key issue Severino recognized on each Bitcoin CME charts is the presence of gaps. A CME futures gap refers back to the variations between the closing and opening costs of BTC on the CME. In 2023, a CME gap was filled throughout Bitcoin’s worth rally, with the 2024 chart additionally spotlighting a comparable hole close to the $124,125 mark.
$120,000 BTC Value Goal In Sight
Whereas delving deep into the value motion and key technical indicators of the Bitcoin CME charts of Nov/Dec 2023 and 2024, Severino predicted that Bitcoin may put together for a bullish move above $120,000. The analyst has based mostly this optimistic projection on the putting similarities between the Fibonacci extension ranges of each Bitcoin CME charts.
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Earlier final week, the price of BTC skilled a pointy surge above $104,000, marking a brand new all-time excessive. Nevertheless, the cryptocurrency shortly corrected to $94,000, with many analysts describing this decline as a “Bitcoin flash crash.”
At present, Bitcoin is buying and selling at $97,638, experiencing a gentle worth improve from earlier lows. If the cryptocurrency can keep a steady bullish place, it’s attainable that Bitcoin may rise again in the direction of its $100,000 ATH.
Featured picture created with Dall.E, chart from Tradingview.com