BTC, TRX, AVAX Are Crashing Hard — Buy the Dip Opportunities Ahead?

Bitcoin (BTC) continues to correct below its $100,000 milestone. As of Dec. 19, the top cryptocurrency was down approximately 7.50% from its record high of $103,620 (data from Bitstamp), trading for around $95,950.

The profit-taking mode near the $100,000 level is loud and clear as bulls look for clues beyond November’s Trump Pump.

For instance, the net unrealized profit-loss metric for long-term holders (those holding Bitcoin for more than 155 days) has reached over 0.75, indicating euphoria and greediness among serious investors.

The last time Bitcoin’s LTH-NUPL metric crossed 0.75 was in November 2021, which preceded a BTC price crash from the $69,000 top to around $16,000. That further explains why Bitcoin has been unable to hold above the $100,000 level lately.

A similar downside pattern is visible across the top altcoins, with Trump Trade winners—those with the highest 30-day returns as of Dec. 10—posting the biggest losses on 24-hour and seven-day timeframes.

Most analysts are convinced that these price declines create buy-the-dip opportunists for traders, especially given the Donald Trump-led pro-crypto environment in the United States.

Bitcoin (BTC) Technical Analysis

BTC/USD Four-Hour Price Chart Analysis — Can Bulls Reclaim $100,000?

Bitcoin has been trending inside what appears to be an ascending triangle pattern, confirmed by rising trendline support and horizontal trendline resistance.

In uptrends, an ascending triangle setup is considered a bullish continuation pattern. It resolves when the price breaks above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.

The past few days have witnessed BTC/USD attempting to break out of its triangle pattern to the upside, only to falter.

If it bounces from the lower trendline support at around $96,650, the pair may attempt to hit its upper trendline—coinciding with the $100,000 level—in the coming days.

And if the textbook breakout ensues, Bitcoin’s upside target will likely be around $114,370 in January 2025.

BTC/USD Weekly Price Chart Analysis — A $300,000 Target For 2025

Bitcoin’s weekly chart shows the price in the breakout stage of its cup-and-handle pattern.

A cup-and-handle pattern forms when the price undergoes a U-shaped recovery followed by a consolidation period. As a rule of technical analysis, the pattern resolves when the price breaks above the common neckline resistance — and rises by as much as the maximum distance between the cup’s trough and the neckline.

Applying this technical rule on the BTC/USD’s cup-and-handle pattern on the weekly chart brings the upside target to over $300,000, up 219% from the current price levels.

As of Dec. 10, Bitcoin faced selling pressure at its interim resistance level of around $101,930, coinciding with its 1.618 Fibonacci retracement level. If the pressure persists, the cryptocurrency risks declining toward its November 2021 top of $69,000, aligning with the 1.0 Fib level.

Conversely, a breakout above the $101,930 level will send BTC into a price discovery mode. The next potential target is over $150,000, aligning with the 2.618 Fib line.

Tron (TRX) Technical Analysis

TRX/USD Four-Hour Price Chart Analysis — Intra-range Opportunities Next

On the four-hour chart, Tron’s (TRX) price appears to have entered a consolidation stage, trading between its 50-period exponential moving average (50-period EMA; the red wave) at around $0.291 and 200-period EMA (the blue wave) at around $0.234.

These boundaries align with TRX/USD’s 0.618 and 0.786 Fibonacci retracement levels.

As a result, a decisive bounce from $0.234 opens long opportunities toward the $0.291 upside target. Conversely, a decisive pullback from the $0.291 resistance opens short opportunities toward the $0.234 downside target.

Of course, stop losses should be placed against the direction of trades to minimize risks if the trend reverses.

TRX/USD Weekly Price Chart Analysis — More Crashes Ahead?

Tron’s price has dropped by around 46.50% after hitting its cup-and-handle breakout target and is now consolidating below $0.272, aligning with the 1.619 Fib retracement level.

The cryptocurrency’s weekly relative strength index (RSI), currently at 69.40, shows room for further correction.

So, if TRX/USD continues to trend below $0.272, its likelihood of continuing its correction toward the 50-week exponential moving average (50-week EMA; the red wave) at around $0.150 will increase by March 2025.

The downside target aligns with its 0.786 Fib retracement line at around $0.155.

Avalanche (AVAX) Technical Analysis

AVAX/USD Four-Hour Price Chart Analysis — Oversold Bounce Underway

Avalanche’s (AVAX) price has declined by over 18.75% since hitting its March 2024 high of around $55.80. Its four-hour RSI simultaneously dropped below the oversold threshold of 30.

Furthermore, AVAX/USD is bouncing from its resistance-turned-support area defined by the $43.79-45.80 range. It is also witnessing accumulation behavior around its 200-4H EMA (the blue wave), raising possibilities for a recovery period ahead.

Therefore, the cryptocurrency’s upside target for December comes to be around its prevailing descending trendline resistance, coinciding with the $50.78 level, which served as support during the first week of December, and the 50-4H EMA (the red wave).

AVAX/USD Weekly Price Chart Analysis — A 40% Boom Next?

On the weekly chart, Avalanche is testing the upper trendline of its giant symmetrical triangle pattern as support, which it recently broke to the upside.

This leaves the AVAX market in bias conflict. That said, a drop in the upper trendline could accelerate the selloff, or a bounce from the same place could trigger a strong price recovery period.

The next AVAX/USD upside target in the event of a bounce comes to be around $63, aligning with the 0.382 Fib retracement line. Meanwhile, a decisive close below the triangle’s upper trendline could crash the price toward the lower trendline support, coinciding with the June 2024 support of $25.