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