{"id":660635,"date":"2024-12-11T19:30:51","date_gmt":"2024-12-11T19:30:51","guid":{"rendered":"https:\/\/wncen.com\/?p=660635"},"modified":"2024-12-11T11:27:14","modified_gmt":"2024-12-11T11:27:14","slug":"bitcoin-cme-chart-2023","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-cme-chart-2023\/","title":{"rendered":"Bitcoin CME Chart Shows Striking Similarities To 2023, Here&#8217;s What Happened Last Time"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A crypto analyst has unveiled uncanny similarities between Bitcoin\u2019s Chicago Mercantile Exchange (CME) chart from late Q4 2024 and 2023. According to the analyst\u2019s report, the 2024 <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin-is-trading-at-a-massive-premium-on-the-cme-what-this-could-mean\/amp\/\"><span style=\"font-weight: 400\">Bitcoin CME chart<\/span><\/a><span style=\"font-weight: 400\"> replicates the price action seen in 2023, experiencing similar technical patterns, wave structures, price movements, and specific key indicators.\u00a0<\/span><\/p>\n<h2>Bitcoin CME Chart Mirrors 2023 Price Action<\/h2>\n<p><span style=\"font-weight: 400\">A comparative analysis of the Bitcoin CME charts from Nov\/Dec 2023 and Nov\/Dec 2024 reveals striking parallels. The charts, <\/span><a href=\"https:\/\/x.com\/tonythebullbtc\/status\/98685226?s=46\" rel=\"nofollow\"><span style=\"font-weight: 400\">shared<\/span><\/a><span style=\"font-weight: 400\"> on X (formerly Twitter) by crypto analyst and market technician Tony Severino, feature a near-identical <\/span><a href=\"https:\/\/wncen.com\/news\/elliot-wave-theory-bitcoin-top\/amp\/\"><span style=\"font-weight: 400\">Elliott Wave <\/span><\/a><span style=\"font-weight: 400\">count, showcasing five distinct waves that indicate classical bullish patterns.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-analysts-abc-correction\/\">XRP Price: Analyst\u2019s ABC Correction Forecast Plays Out Perfectly, Second Half Predicts Bullish Impulse To $2.8<\/a><\/div>\n<figure id=\"attachment_660652\" aria-describedby=\"caption-attachment-660652\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-660652\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/Bitcoin_95cf90.jpg?w=460&#038;resize=460%2C264\" alt=\"Bitcoin\" width=\"460\" height=\"264\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/Bitcoin_95cf90.jpg?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/12\/Bitcoin_95cf90.jpg?w=460 460w\" sizes=\"auto, (max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-660652\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The price action in both charts highlights a significant <\/span><a href=\"https:\/\/bitcoinist.com\/dogecoin-price-set-to-break-out-of-long-term-consolidation-for-800-gains-doge-rival-eyes-19820-in-3-months\/amp\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">breakout from consolidation<\/span><\/a><span style=\"font-weight: 400\">, with Bitcoin\u2019s 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.<\/span><\/p>\n<p><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-bollinger-bands-squeezing-is-btc-ready-for-140000\/amp\/\"><span style=\"font-weight: 400\">Bollinger Bands<\/span><\/a><span style=\"font-weight: 400\"> are unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. Looking at Severino\u2019s Bitcoin CME chart for 2023 and 2024, the price is riding the upper Bollinger Band for both years, suggesting a strong bullish trend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Adding weight to the analysis of these parallel CME charts, the analyst has revealed that both charts showcase similar <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/fibonacci-extension-bitcoin\/amp\/\"><span style=\"font-weight: 400\">Fibonacci extensions<\/span><\/a><span style=\"font-weight: 400\">. 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 <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-set-for-another-surge-beyond-100000-level\/amp\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">new price targets<\/span><\/a><span style=\"font-weight: 400\"> of $105,465 and $124,125, respectively.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another key factor Severino identified on both Bitcoin CME charts is the presence of gaps. A <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-expert-predicts-correction-to-78000-cme-gap-reveals-date-for-next-bear-market\/amp\/\"><span style=\"font-weight: 400\">CME futures gap<\/span><\/a><span style=\"font-weight: 400\"> refers to the differences between the closing and opening prices of BTC on the CME. In 2023, a <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin-cme-futures-gaps-are-filled-with-95-certainty-but-trading-them-is-risky\/amp\/\"><span style=\"font-weight: 400\">CME gap was filled<\/span><\/a><span style=\"font-weight: 400\"> during Bitcoin\u2019s price rally, with the 2024 chart also spotlighting a comparable gap near the $124,125 mark.\u00a0\u00a0<\/span><\/p>\n<h2>$120,000 BTC Price Target In Sight<\/h2>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-at-120k-trading-firm-links-trumps-reserve-plan-to-bold-prediction\/amp\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">bullish move above $120,000<\/span><\/a><span style=\"font-weight: 400\">. The analyst has based this optimistic projection on the striking similarities between the Fibonacci extension levels of both Bitcoin CME charts.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/weekly-bull-flag-xrp-price-chart\/\">Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible<\/a><\/div>\n<p><span style=\"font-weight: 400\">Earlier last week, the <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-hits-historic-104000-key-factors\/amp\/\"><span style=\"font-weight: 400\">price of BTC<\/span><\/a><span style=\"font-weight: 400\"> experienced 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 \u201c<\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-flash-crash-to-94000\/amp\/\"><span style=\"font-weight: 400\">Bitcoin flash crash<\/span><\/a><span style=\"font-weight: 400\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">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\u2019s possible that Bitcoin could rise back towards its <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-nears-100000-market-expert-predicts-200k-surge-amid-retail-fomo-and-volatility\/amp\/\"><span style=\"font-weight: 400\">$100,000 ATH<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/9oGwP0wr\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1518\"><figcaption class=\"wp-caption-text\">BTC price pushes toward $100,000 again | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A crypto analyst has unveiled uncanny similarities between Bitcoin\u2019s Chicago Mercantile Exchange (CME) chart from late Q4 2024 and 2023. According to the analyst\u2019s report, the 2024 Bitcoin CME chart replicates the price action seen in 2023, experiencing similar technical patterns, wave structures, price movements, and specific key indicators.\u00a0 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, shared on X (formerly Twitter) by crypto analyst and market technician Tony Severino, feature a near-identical Elliott Wave count, showcasing five distinct waves that indicate classical bullish patterns.\u00a0 Related Reading: XRP Price: Analyst\u2019s ABC Correction Forecast Plays Out Perfectly, Second Half Predicts Bullish Impulse To $2.8 The price action in both charts highlights a significant breakout from consolidation, with Bitcoin\u2019s 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 Bands are unique technical analysis tools for identifying sharp short-term price movements and potential entry and exit points. Looking at Severino\u2019s Bitcoin CME chart for 2023 and 2024, the price is riding the upper Bollinger Band for both years, suggesting a strong bullish trend.\u00a0 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 targets of $105,465 and $124,125, respectively.\u00a0 Another key factor Severino identified on both Bitcoin CME charts is the presence of gaps. A CME futures gap refers to the differences between the closing and opening prices of BTC on the CME. In 2023, a CME gap was filled during Bitcoin\u2019s price rally, with the 2024 chart also spotlighting a comparable gap near the $124,125 mark.\u00a0\u00a0 $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 Earlier last week, the price of BTC experienced 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 \u201cBitcoin flash crash.\u201d 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\u2019s possible that Bitcoin could rise back towards its $100,000 ATH.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":653743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-660635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin CME Chart Shows Striking Similarities To 2023, Here&#039;s What Happened Last 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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