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 | 80.8% | 35 | $22 994.25 | -3.54% | 0.01% | $439 591 538 662 | ||
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2 | ![]() |
Ethereum predictions | 66% | 68 | $1 687.91 | -5.10% | 3.56% | $205 761 571 724 | ||
3 | ![]() |
Tether predictions | 96% | 1 | $1.000205 | 0% | 0% | $66 531 586 544 | ||
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USD Coin predictions | 93.2% | 1 | $1.000033 | 0.02% | -0.01% | $54 021 851 086 | ||
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Binance Coin predictions | 69.2% | 62 | $322.84 | -0.68% | 11.75% | $52 086 335 344 | ||
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Binance USD predictions | 90.8% | 1 | $1.000068 | 0% | 0.01% | $17 752 502 175 | ||
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XRP predictions | 80.4% | 36 | $0.363424 | -3.65% | -1.50% | $17 569 045 535 | ||
8 | ![]() |
Cardano predictions | 75.2% | 50 | $0.511389 | -4.25% | 1.61% | $17 253 774 183 | ||
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Solana predictions | 78% | 44 | $39.74 | -6.33% | 3.54% | $13 844 600 613 | ||
10 | ![]() |
Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
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Polkadot predictions | 69.6% | 62 | $8.71 | -4.69% | 9.10% | $9 626 327 113 | ||
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HEX predictions | 64% | 70 | $0.054592 | -1.19% | 18.95% | $9 466 937 752 | ||
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Dogecoin predictions | 84% | 28 | $0.068228 | -6.49% | 1.79% | $9 051 914 563 | ||
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Avalanche predictions | 70% | 55 | $27.42 | -3.30% | 17.24% | $7 814 089 843 | ||
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Dai predictions | 93.6% | 1 | $0.999863 | 0.05% | 0.03% | $7 525 054 582 |
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