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“Buy the Dip” Mentions on Social Media Hit 8-Month High as Bitcoin Dips
The crypto market has been experiencing a tumultuous week, with significant liquidations occurring each time it dips below the psychological level of $100,000. On December 19, Bitcoin’s price fell as low as $95,500, prompting a surge in social media discussions about buying the dip. As a result, mentions of “buy the dip” on social media platforms have reached an 8-month high.
According to our data, the social dominance score – which measures the proportion of social media posts about buying the dip – hit 0.061 on December 19, the highest score since April 12 when Bitcoin’s price dropped below $70,000 and continued to decline to around $63,000 the following day. This sudden increase in mentions indicates that investors are closely monitoring Bitcoin’s price movements and are eager to take advantage of perceived buying opportunities.
Despite the recent price decline, search interest for the term “crypto” remains high, albeit lower than it was at the beginning of December. However, searches for “buy the dip” have reached a score of 38, the highest level since August 10. This increase in conversations around the term suggests that investors are becoming increasingly interested in taking advantage of the current market downturn.
Market analysts, including Capriole Fund founder Charles Edwards, have warned about the potential for increased volatility in both directions. It is possible that the market could become so bearish in the short term that it triggers a potential short squeeze, leading to a rapid price recovery.
As Bitcoin’s price continues to fluctuate wildly, investors are advised to be cautious and do their due diligence before making any investment decisions.
Source: crypto-economy.com
