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 | 69.6% | 54 | $28 068.88 | 1.33% | 7.74% | $542 479 232 239 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 79.6% | 39 | $1 796.91 | 2.35% | 4.75% | $219 895 368 505 |  |
|
| 3 |  USDT |
Tether predictions | 93.6% | 1 | $1.001141 | -0.09% | -0.12% | $78 575 681 204 |  |
|
| 4 |  BNB |
Binance Coin predictions | 74.4% | 51 | $323.51 | -0.44% | -2.98% | $51 078 681 358 |  |
|
| 5 |  USDC |
USD Coin predictions | 91.6% | 2 | $0.999580 | 0.05% | -0.01% | $34 405 741 418 |  |
|
| 6 |  XRP |
XRP predictions | 84.4% | 21 | $0.427684 | -3.54% | 15.97% | $21 790 915 468 |  |
|
| 7 |  HEX |
HEX predictions | 62% | 82 | $0.105273 | -13.59% | 20.81% | $18 255 461 602 |  |
|
| 8 |  ADA |
Cardano predictions | 78.4% | 44 | $0.362363 | -2.84% | 8.30% | $12 581 690 970 |  |
|
| 9 |  STETH |
Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 75.2% | 51 | $0.075582 | 0.44% | 1.34% | $10 027 482 654 |  |
|
| 11 |  MATIC |
Polygon predictions | 76% | 47 | $1.12 | -0.15% | -5.20% | $9 805 540 362 |  |
|
| 12 |  SOL |
Solana predictions | 70.4% | 52 | $21.64 | -0.45% | 7.94% | $8 303 091 244 |  |
|
| 13 |  BUSD |
Binance USD predictions | 96% | 1 | $0.999779 | 0.02% | -0.10% | $8 062 237 832 |  |
|
| 14 |  DOT |
Polkadot predictions | 75.6% | 49 | $6.21 | 0.24% | -1.17% | $7 268 180 249 |  |
|
| 15 |  LTC |
Litecoin predictions | 73.2% | 59 | $92.99 | 5.58% | 13.69% | $6 746 412 901 |  |
