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 | 72.4% | 61 | $41 312.94 | -1.79% | -2.97% | $782 208 393 376 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 65.6% | 74 | $3 057.90 | -4.13% | -4.99% | $364 557 204 266 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $1.000957 | 0.03% | 0.07% | $78 389 539 616 |  |
|
| 4 |  BNB |
Binance Coin predictions | 71.6% | 61 | $454.95 | -4.03% | -0.74% | $75 119 228 033 |  |
|
| 5 |  ADA |
Cardano predictions | 71.2% | 51 | $1.37 | -11.53% | 13.83% | $45 869 836 376 |  |
|
| 6 |  USDC |
USD Coin predictions | 90.8% | 1 | $0.999548 | -0.04% | -0.05% | $45 742 193 035 |  |
|
| 7 |  SOL |
Solana predictions | 62.8% | 81 | $134.45 | -3.98% | -3.06% | $42 237 959 711 |  |
|
| 8 |  XRP |
XRP predictions | 66.8% | 64 | $0.728701 | -3.80% | -4.17% | $34 732 162 139 |  |
|
| 9 |  LUNA |
Terra predictions | 69.6% | 57 | $76.09 | -1.12% | 0.67% | $27 219 693 512 |  |
|
| 10 |  DOT |
Polkadot predictions | 72% | 51 | $23.84 | -5.97% | -7.36% | $23 544 579 275 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 77.6% | 46 | $0.160728 | -5.76% | 5.59% | $21 323 857 260 |  |
|
| 12 |  AVAX |
Avalanche predictions | 62.4% | 79 | $81.61 | -6.07% | -9.81% | $19 942 092 907 |  |
|
| 13 |  SHIB |
SHIBA INU predictions | 68.8% | 63 | $0.000027 | -4.93% | -3.67% | $15 025 615 032 |  |
|
| 14 |  MATIC |
Polygon predictions | 69.2% | 59 | $2.02 | -8.18% | -12.60% | $14 789 690 265 |  |
|
| 15 |  BUSD |
Binance USD predictions | 96% | 1 | $0.999731 | -0.10% | -0.13% | $14 211 573 940 |  |
