Data show “buy the dip” Social media has been flooded with calls to buy Bitcoin after the recent plunge of the currency below $66,000.
Bitcoin Volume for Terms related to Buy The Dip is Up.
Data from an analytics firm SantimentBitcoin has seen a sharp fall, but investors are more bullish than bearish despite this.
This is the indicator that shows relevance.Social Volume” tells us how much discussion is currently taking place on social media about any given term or topic.
This metric works by going through the various posts/threads/messages on these websites to check for mentions of the topic. However, the indicator doesn’t count all mentions directly, rather it counts how many posts contain at least one.
It’s because a large number of mentions alone is not a good indicator that social media users are discussing the subject. A spike can be caused by a small amount of discussion.
Santiment filtered Social Volume by keywords for both bullish and negative sentiments to see how they compare at the moment.
This chart illustrates the trends in these terms from the beginning of 2024.
Source| Source: Santiment on X
To pinpoint bullish sentiment the firm uses terms such as “buy” You can also find out more about “bullish.” Similarly, “sell” You can also find out more about “bearish” The opposite of this sentiment is expressed by a number of words.
On the graph it is clear that Social Volume has skyrocketed for former types of terms following the latest plunge The Bitcoin price has dropped, with social media users indicating that they are buying more.
Although the bearish social volume has experienced a similar rise in price, it has not reached peaks as great as those of bullish terms. Although the bullish investors may seem optimistic, it is important to note that in the past this was not the best time for the market to recover.
Santiment:
In the past, dip buying opportunities have been best when there is a general consensus that a drop will occur. This leads to small wallets dropping them for sharks and whales.
The current enthusiasm for the market may be detrimental to the prospects of success. bottom Form. According to the analysts, the real “buy the dip” Bitcoin may be a good investment once red sentiment catches up with blue.
BTC Price
Bitcoin’s price is currently hovering around $65,700. It has fallen more than 7% since the previous week.
It looks like the asset's price dropped sharply over the course of yesterday | Source: BTCUSD on TradingView
Featured Image from Maxim Hopman at Unsplash.com. Chart from TradingView.com.
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