An ongoing sell-off in the crypto market has pushed the price of Bitcoin (BTC) to an intraday low of $ 47,400 on the Bitstamp crypto exchange, the lowest price of the leading cryptocurrency as of December 21.
Altcoins have not been given out by the bears, with Shiba Inu (SHIB), Avalanche (AVAX) and Terra (LUNA) falling more than 10% in the past 24 hours, according to CoinMarketCap data.
Without stablecoins, SushiSwap (SUSHI), UNUS SED LEO (LEO), ICON (ICX) and IOTA (MIOTA) are the only green coins in the top 100. Kadena (KDA) is down 17%.
The bitcoin bulls managed to start the week on a high, attempting to recapture $ 52,000 on Monday. The attempt failed, however, as the leading cryptocurrency fell more than 8% from its local high.
As is often the case with cryptocurrencies, it wasn’t immediately clear what triggered the last correction.
Crypto trader Scott Melker pointed out today that the leading cryptocurrency will remain at resistance levels in a similar area after being rejected.
The S&P 500 today hit its 70th all-time high of the year.
Noted trader Timothy Sykes commented on the growing divergence between cryptocurrencies and stocks, claiming that this could be part of a “bigger calculation”.
Interesting year-end market divergence with new things $ Spy $ DIA $ QQQ high but $ BTC $ ETH $ HOOD $ COINS a return almost impossible. Is it the beginning of a major calculation? Hopefully # Cryptocurrency Scams are growing faster than legitimate #Crypto Businesses need a major cleanup
– Timothy Sykes (@timothysykes) December 28, 2021
Bullish predictions still exist
The cryptocurrency bulls seem unimpressed by the recent correction that took many traders by surprise.
Plan B, an anonymous Dutch analyst whose bullish stock-to-flow pattern has been ridiculed recently, continues to predict that it could hit $ 200,000 in the market cycle.
$ 50,000- $ 200K 1 standard deviation band feels wide. Some people think that this makes the S2F model invalid and unhelpful, but is it?
The pre-cycle average of the S2F model is $ 7,000 with an initial range of $ 3.5K to $ 14,000. Not as broad from the current $ 50,000 perspective.
The next cycle range will be $ 0.5 million to $ 2 million. IMO useful pic.twitter.com/5ODHHdHSfE
– PlanB (@ 100 trillion USD) December 28, 2021