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.
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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 69.6% | 54 | $28 068.88 | 1.33% | 7.74% | $542 479 232 239 | ||
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Ethereum predictions | 79.6% | 39 | $1 796.91 | 2.35% | 4.75% | $219 895 368 505 | ||
3 | ![]() |
Tether predictions | 93.6% | 1 | $1.001141 | -0.09% | -0.12% | $78 575 681 204 | ||
4 | ![]() |
Binance Coin predictions | 74.4% | 51 | $323.51 | -0.44% | -2.98% | $51 078 681 358 | ||
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USD Coin predictions | 91.6% | 2 | $0.999580 | 0.05% | -0.01% | $34 405 741 418 | ||
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XRP predictions | 84.4% | 21 | $0.427684 | -3.54% | 15.97% | $21 790 915 468 | ||
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HEX predictions | 62% | 82 | $0.105273 | -13.59% | 20.81% | $18 255 461 602 | ||
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Cardano predictions | 78.4% | 44 | $0.362363 | -2.84% | 8.30% | $12 581 690 970 | ||
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Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Dogecoin predictions | 75.2% | 51 | $0.075582 | 0.44% | 1.34% | $10 027 482 654 | ||
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Polygon predictions | 76% | 47 | $1.12 | -0.15% | -5.20% | $9 805 540 362 | ||
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Solana predictions | 70.4% | 52 | $21.64 | -0.45% | 7.94% | $8 303 091 244 | ||
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Binance USD predictions | 96% | 1 | $0.999779 | 0.02% | -0.10% | $8 062 237 832 | ||
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Polkadot predictions | 75.6% | 49 | $6.21 | 0.24% | -1.17% | $7 268 180 249 | ||
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Litecoin predictions | 73.2% | 59 | $92.99 | 5.58% | 13.69% | $6 746 412 901 |
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