An ongoing sell-off in the crypto market has pushed Bitcoin price to an intraday low of $ 47,309, and also the lowest level for the leading cryptocurrency since December 21.

According to CoinMarketCap data, the entire market is being slaughtered by bears and in the top 80 only 3 coins are lucky enough to escape their catches: FTM (+ 5.8%), IOTA (+ 12.6% and LEO (+3, 7%), of course without stablecoins.

Source: Coinmarketcap

The worst in the top 10, meanwhile, are SOL and LUNA, which have lost nearly 7% while DOT has lost nearly 6% in the past 24 hours.

Source: Coinmarketcap

Bitcoin bulls managed to start the week on a high, trying to regain $ 52,000 on Monday. The attempt has failed, however, the cryptocurrency is now more than 8% below its local high.

As Bitcoin magazine reports, trader Scott Melker says the leading cryptocurrency remains in a similar area after being turned down by the resistance. Meanwhile, the S&P 500 made its 69th all-time high of the year.

Even so, the bulls appear unimpressed by the recent correction, which surprised many traders.

Plan B, an anonymous Dutch analyst, the father of the bullish S2F model that was recently ridiculed, continues to predict that Bitcoin 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 not useful, but is it?

The last cycle average of the S2F model was $ 7,000 with an initial band of $ 3.5,000 to $ 14,000. Not far from the current $ 50,000 perspective.

Next cycle band will be $ 0.5-2 million. Useful IMO pic.twitter.com/5ODHHdHSfE

– PlanB (@ 100 trillion USD) December 28, 2021

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