Bitcoin dips below $47K but one trader is eyeing 'solid risk/reward' for longing BTC now
Short-term profit opportunities are there, but so are concerns over a "panic" sell-off still absent from BTC price charts. Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC/USD below $46,600. Data from Cointelegraph Markets Pro and TradingView showed the pair giving up ground prior to the Wall St. open to increase its 48-hour correction to 10.4%.
The latest move in a familiar pattern of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play. As market participants resigned themselves to a lackluster end to the year, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes. Bitcoin's relative strength index (RSI), in addition to other bullish signals, had entered "oversold" territory during the dip in what is a classic buy-in trigger.
"If you are trading small time frames, there's very solid risk/reward of punting longs here," he wrote in one of several tweets about the opportunity. "RSI oversold, hourly about to make a bull div, at the range EQ, low conviction selling on minimal volume."
BTC/USD subsequently bounced from the lows to return above $47,000. Melker had previously defended the retracement from $52,000, arguing that "nothing had changed" overall for rangebound Bitcoin.
Brandt: Panic sell-off "still yet to happen"
Not everyone, however, was optimistic. Peter Brandt, the veteran trader who earlier in the week had warned of "fake breakouts" in thin-liquidity markets over the holidays, now eyed room for further downside.
A phase of "panic capitulation" worse than early December appearing is nonetheless a topic of debate.
Retail investors, others argued, were likely not prone to mass selling at current levels, pointing to increases in small-balance wallets and evidence of strong hodl behavior throughout the year.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 80.8% | 35 | $22 994.25 | -3.54% | 0.01% | $439 591 538 662 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 66% | 68 | $1 687.91 | -5.10% | 3.56% | $205 761 571 724 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $1.000205 | 0% | 0% | $66 531 586 544 |  |
|
| 4 |  USDC |
USD Coin predictions | 93.2% | 1 | $1.000033 | 0.02% | -0.01% | $54 021 851 086 |  |
|
| 5 |  BNB |
Binance Coin predictions | 69.2% | 62 | $322.84 | -0.68% | 11.75% | $52 086 335 344 |  |
|
| 6 |  BUSD |
Binance USD predictions | 90.8% | 1 | $1.000068 | 0% | 0.01% | $17 752 502 175 |  |
|
| 7 |  XRP |
XRP predictions | 80.4% | 36 | $0.363424 | -3.65% | -1.50% | $17 569 045 535 |  |
|
| 8 |  ADA |
Cardano predictions | 75.2% | 50 | $0.511389 | -4.25% | 1.61% | $17 253 774 183 |  |
|
| 9 |  SOL |
Solana predictions | 78% | 44 | $39.74 | -6.33% | 3.54% | $13 844 600 613 |  |
|
| 10 |  STETH |
Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  DOT |
Polkadot predictions | 69.6% | 62 | $8.71 | -4.69% | 9.10% | $9 626 327 113 |  |
|
| 12 |  HEX |
HEX predictions | 64% | 70 | $0.054592 | -1.19% | 18.95% | $9 466 937 752 |  |
|
| 13 |  DOGE |
Dogecoin predictions | 84% | 28 | $0.068228 | -6.49% | 1.79% | $9 051 914 563 |  |
|
| 14 |  AVAX |
Avalanche predictions | 70% | 55 | $27.42 | -3.30% | 17.24% | $7 814 089 843 |  |
|
| 15 |  DAI |
Dai predictions | 93.6% | 1 | $0.999863 | 0.05% | 0.03% | $7 525 054 582 |  |
