A cryptocurrency analyst has discovered uncanny similarities between the Chicago Mercantile Exchange (CME) Bitcoin chart from behind schedule Q4 2024 and 2023. According to the analyst’s report, Bitcoin chart 2024 Bitcoin CME Chart recreates the price action seen in 2023, featuring similar technical patterns, wave structures, price movements and specific key indicators.

The Bitcoin CME chart reflects price action for 2023

A comparative analysis of the November/December 2023 and November/December 2024 Bitcoin CME charts reveals striking similarities. Charts, common on X (formerly Twitter) by crypto analyst and market technician Tony Severino, present almost identical information Elliott wave count, showing five distinct waves that indicate classic bullish patterns.

The price action in both charts clearly highlights breakout from consolidationand Bitcoin’s bullish momentum increases as November and December approach. Moreover, the Bollinger Bands on the Bitcoin CME charts are rising similarly, indicating the potential for the uptrend to continue.

Bollinger Bands are unique technical analysis tools that enable the identification of keen short-term price movements and potential entry and exit points. Looking at CME Severino’s Bitcoin chart for 2023 and 2024, the price is trading in the upper Bollinger Band for both years, suggesting a forceful uptrend.

Adding weight to the analysis of CME’s parallel charts, the analyst revealed that both charts look similar Fibonacci extensions. In 2023, Fibonacci extension levels of 4.416 and 6 served as key indicators, with BTC rising to reach equivalent price levels of $39,265 and $45,250, respectively. The same Fib extension levels were also highlighted on the Bitcoin CME 2024 chart, suggesting that Bitcoin may repeat history and strike fresh price targets $105,465 and $124,125 respectively.

Another key factor identified by Severino in both Bitcoin CME charts is the presence of gaps. AND CME Futures Loophole refers to the differences between the closing and opening prices of BTC on the CME. In 2023 A The CME gap has been filled as Bitcoin prices surge, with the 2024 chart also highlighting a comparable gap near the $124,125 level.

BTC price target of $120,000 in sight

Diving deeper 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 bullish move above $120,000. The analyst based this hopeful forecast on the striking similarities between the Fibonacci extension levels on both Bitcoin CME charts.

At the beginning of last week BTC price saw a surge above $104,000, setting a fresh all-time high. However, the cryptocurrency quickly corrected to $94,000, with many analysts labeling the decline as “Bitcoin flash failure“

Bitcoin is currently trading at $97,638, seeing a steady price raise from previous lows. If the cryptocurrency maintains a stable, bullish position, it is possible that Bitcoin could regain its position $100,000 ATH.

Featured image created with Dall.E, chart from Tradingview.com