6 months ago
A crypto expert has unveiled uncanny similarities betwixt Bitcoin’s Chicago Mercantile Exchange (CME) illustration from precocious Q4 2024 and 2023. According to the analyst’s report, the 2024 Bitcoin CME chart replicates the terms enactment seen successful 2023, experiencing akin method patterns, question structures, terms movements, and circumstantial cardinal indicators.
Bitcoin CME Chart Mirrors 2023 Price Action
A comparative investigation of the Bitcoin CME charts from Nov/Dec 2023 and Nov/Dec 2024 reveals striking parallels. The charts, shared connected X (formerly Twitter) by crypto expert and marketplace technician Tony Severino, diagnostic a near-identical Elliott Wave count, showcasing 5 chiseled waves that bespeak classical bullish patterns.
Source: XThe terms enactment successful some charts highlights a important breakout from consolidation, with Bitcoin’s bullish momentum surging arsenic November and December approach. Moreover, the Bollinger Bands for the Bitcoin CME charts are expanding similarly, indicating a imaginable for an upward inclination continuation.
Bollinger Bands are unsocial method investigation tools for identifying crisp short-term terms movements and imaginable introduction and exit points. Looking astatine Severino’s Bitcoin CME illustration for 2023 and 2024, the terms is riding the precocious Bollinger Band for some years, suggesting a beardown bullish trend.
Adding value to the investigation of these parallel CME charts, the expert has revealed that some charts showcase akin Fibonacci extensions. In 2023, the 4.416 and 6 Fibonacci hold levels served arsenic important markers, with BTC rallying to scope their equivalent terms levels astatine $39,265 and $45,250, respectively. These aforesaid Fib hold levels person besides been highlighted connected the 2024 Bitcoin CME chart, suggesting that Bitcoin could repetition past and deed new terms targets of $105,465 and $124,125, respectively.
Another cardinal origin Severino identified connected some Bitcoin CME charts is the beingness of gaps. A CME futures gap refers to the differences betwixt the closing and opening prices of BTC connected the CME. In 2023, a CME spread was filled during Bitcoin’s terms rally, with the 2024 illustration besides spotlighting a comparable spread adjacent the $124,125 mark.
$120,000 BTC Price Target In Sight
While delving heavy into the terms enactment and cardinal method indicators of the Bitcoin CME charts of Nov/Dec 2023 and 2024, Severino predicted that Bitcoin could hole for a bullish determination supra $120,000. The expert has based this optimistic projection connected the striking similarities betwixt the Fibonacci hold levels of some Bitcoin CME charts.
Earlier past week, the price of BTC experienced a crisp surge supra $104,000, marking a caller all-time high. However, the cryptocurrency rapidly corrected to $94,000, with galore analysts describing this diminution arsenic a “Bitcoin flash crash.”
Currently, Bitcoin is trading astatine $97,638, experiencing a dependable terms summation from erstwhile lows. If the cryptocurrency tin support a unchangeable bullish position, it’s imaginable that Bitcoin could emergence backmost towards its $100,000 ATH.
Featured representation created with Dall.E, illustration from Tradingview.com
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