Fun

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

News Feed - 2024-12-12 04:12:51

Este artículo también está disponible en español.


A crypto analyst has unveiled uncanny similarities between Bitcoin’s Chicago Mercantile Exchange (CME) chart from late Q4 2024 and 2023. According to the analyst’s report, the 2024 Bitcoin CME chartreplicates the price action seen in 2023, experiencing similar technical patterns, wave structures, price movements, and specific key indicators.  Bitcoin CME Chart Mirrors 2023 Price Action


A comparative analysis of the Bitcoin CME charts from Nov/Dec 2023 and Nov/Dec 2024 reveals striking parallels. The charts, sharedon X (formerly Twitter) by crypto analyst and market technician Tony Severino, feature a near-identical Elliott Wavecount, showcasing five distinct waves that indicate classical bullish patterns.  Related Reading XRP Price: Analyst’s ABC Correction Forecast Plays Out Perfectly, Second Half Predicts Bullish Impulse To $2.8 1 day ago Source: X


The price action in both charts highlights a significant breakout from consolidation, with Bitcoin’s bullish momentum surging as November and December approach. Moreover, the Bollinger Bands for the Bitcoin CME charts are expanding similarly, indicating a potential for an upward trend continuation.


Bollinger Bandsare unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. Looking at Severino’s Bitcoin CME chart for 2023 and 2024, the price is riding the upper Bollinger Band for both years, suggesting a strong bullish trend. 


Adding weight to the analysis of these parallel CME charts, the analyst has revealed that both charts showcase similar Fibonacci extensions. In 2023, the 4.416 and 6 Fibonacci extension levels served as crucial markers, with BTC rallying to reach their equivalent price levels at $39,265 and $45,250, respectively. These same Fib extension levels have also been highlighted on the 2024 Bitcoin CME chart, suggesting that Bitcoin could repeat history and hit new price targetsof $105,465 and $124,125, respectively. 


Another key factor Severino identified on both Bitcoin CME charts is the presence of gaps. A CME futures gaprefers to the differences between the closing and opening prices of BTC on the CME. In 2023, a CME gap was filledduring Bitcoin’s price rally, with the 2024 chart also spotlighting a comparable gap near the $124,125 mark.   $120,000 BTC Price Target In Sight


While delving deep into the price action and key technical indicators of the Bitcoin CME charts of Nov/Dec 2023 and 2024, Severino predicted that Bitcoin could prepare for a bullish move above $120,000. The analyst has based this optimistic projection on the striking similarities between the Fibonacci extension levels of both Bitcoin CME charts. Related Reading Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible 21 hours ago


Earlier last week, the price of BTCexperienced a sharp surge above $104,000, marking a new all-time high. However, the cryptocurrency quickly corrected to $94,000, with many analysts describing this decline as a “ Bitcoin flash crash.”


Currently, Bitcoin is trading at $97,638, experiencing a steady price increase from previous lows. If the cryptocurrency can maintain a stable bullish position, it’s possible that Bitcoin could rise back towards its $100,000 ATH.  BTC price pushes toward $100,000 again | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

Hoo AMM Pool Launched, New Access to Increase User Yields
Hoo AMM Pool Launched, New Access to Increase User Yields press release PRESS RELEASE. According to Hoo users who participated in AMM (Automated Market Maker) test, each liquidity p
Blockchain Association objects to IRS broker rule in letter
Vince Quill2 hours agoBlockchain Association objects to IRS broker rule in letterThe Washington DC-based blockchain advocacy group argued the IRS" broker rule provisions violate the Paperwork Reduction Act.1383 Total vie
Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020
Cryptowisser: 79 Crypto Exchanges Dead in 2021 – Even More Than in 2020 press release PRESS RELEASE. November 2021, leading Crypto service comparison site – Cryptowisser, a
New Bitcoin Quest Contest Gives People a Chance to Locate Crypto Seeds Hidden in Pictures
New Bitcoin Quest Contest Gives People a Chance to Locate Crypto Seeds Hidden in Pictures There’s an online-sleuthing contest starting on January 21st call
Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking
Crypto Taxes 2022: Here’s What You Need to Know According to CoinTracking press release PRESS RELEASE. Crypto changes quickly, with new tax laws and regulations coming to several
Cryptocurrency Gaining Mainstream Interest as Payment Option: Report
Cryptocurrency Gaining Mainstream Interest as Payment Option: Report Cryptocurrency is gaining mainstream traction among consumers who want to use it for purchas
Avalanche Sees Surge in BTC Bridged to Its Network With Over $44 Million in Bitcoin Ported on Thursday
Avalanche Sees Surge in BTC Bridged to Its Network With Over $44 Million in Bitcoin Ported on Thursday According to statistics, the number of bitcoin bridged to the Avalanche block
Tesla CEO Elon Musk Warns a Major Fed Rate Hike Risks Deflation
Tesla CEO Elon Musk Warns a Major Fed Rate Hike Risks Deflation Tesla CEO Elon Musk has warned that a major rate hike by the Federal Reserve risks deflation in the U.S. economy. Mu
Up to 30% of Bitcoin Miners Close Shop as Business Turns Unprofitable After Halving
Up to 30% of Bitcoin Miners Close Shop as Business Turns Unprofitable After HalvingAbout a third of Bitcoin (BTC) mining firms may already be switching off their machines as the bus
Bitcoin, Ethereum Technical Analysis: ETH Remains Above $2,100 to Start the Weekend 
Bitcoin, Ethereum Technical Analysis: ETH Remains Above $2,100 to Start the Weekend  Ethereum remained above $2,100 to start the weekend, despite crypto markets moving into consol
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency schem
Derek Andersen5 hours agoHouse Financial Services Comm. witnesses air multiple anti-CBDC argumentsThe digital assets subcommittee heard from five witnesses on a U.S. CBDC, most of whom had little good to say about it.964