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 | 94.8% | 4 | $26 346.66 | 0.59% | -1.73% | $513 656 016 235 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 89.6% | 6 | $1 592.40 | 0.82% | -2.85% | $191 454 189 109 |  |
|
| 3 |  USDT |
Tether predictions | 94% | 1 | $0.999933 | -0.01% | -0.03% | $83 202 317 322 |  |
|
| 4 |  BNB |
Binance Coin predictions | 92.4% | 4 | $211.30 | 1.21% | -2.51% | $32 508 023 543 |  |
|
| 5 |  XRP |
XRP predictions | 91.2% | 8 | $0.505442 | 0.68% | -1.15% | $26 912 401 662 |  |
|
| 6 |  USDC |
USD Coin predictions | 95.6% | 1 | $1.000084 | 0% | 0% | $25 663 582 993 |  |
|
| 7 |  STETH |
Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 8 |  ADA |
Cardano predictions | 92% | 7 | $0.246841 | 0.96% | -2.84% | $8 669 738 490 |  |
|
| 9 |  DOGE |
Dogecoin predictions | 90.8% | 6 | $0.061034 | 0.09% | -1.80% | $8 615 547 524 |  |
|
| 10 |  WTRX |
Wrapped TRON predictions | 86.4% | 17 | $0.083387 | -0.38% | 0.80% | $8 478 470 341 |  |
|
| 11 |  SOL |
Solana predictions | 84.8% | 23 | $19.49 | 0.08% | -1.95% | $8 043 301 053 |  |
|
| 12 |  TRX |
TRON predictions | 83.2% | 20 | $0.084716 | 0.81% | 0.44% | $7 549 504 083 |  |
|
| 13 |  TON |
Toncoin predictions | 59.2% | 80 | $2.15 | -2.31% | -11.41% | $7 388 965 662 |  |
|
| 14 |  DAI |
Dai predictions | 94% | 1 | $1.000435 | 0.05% | 0.02% | $5 350 213 017 |  |
|
| 15 |  DOT |
Polkadot predictions | 82.8% | 23 | $4.07 | 1.62% | -0.92% | $5 000 067 072 |  |
