The proportion of social posts about buying the crypto dip has surged to its highest level since April, as Bitcoin fell below the psychological $100,000 price level, according to recent data.
“With Bitcoin falling as low as $95.5K today, the ratio of crypto discussions that are about buying crypto’s dip has reached its highest level in over 8 months,” crypto analysis firm Santiment said in a Dec. 19 X post.
Highest social dominance score in 8 months
The social dominance score — mentions of ‘Buying the Dip’ across social media platforms — hit 0.061 on Dec. 19, as Bitcoin (BTC) has now remained below $100,000 for approximately 12 hours at the time of publication.
It is the highest social dominance score since April 12, when Bitcoin’s price dropped below the $70,000 mark to just above $67,000 before falling to around $63,000 the following day.
It nearly retested this score on Aug. 4, when Bitcoin dropped below $60,000 and slid toward $53,000 within the following 24 hours.
Mentions of “Buying the Dip” across social media platforms chart. Source: Santiment
Bitcoin has been hovering around $100,000 over the past seven days, with significant liquidations wiped every time it fell back under $100,000. At the time of publication, it is trading at $97,258.
Search interest for crypto remains high
Meanwhile, data shows that search interest for the term “crypto” remains high but has dropped since the start of December.
According to Google Trends data from the past 12 months, global searches for “crypto” are at a score of 75 over the past seven days, down 25 points from a score of 100 at the beginning of December.
Meanwhile, global searches for “buy the dip” over the past seven days have reached a score of 38, the highest level since Aug. 10.
Worldwide Google search interest in “buy the dip” over the past 12 months. Source: Google
Capriole Fund founder and analyst Charles Edwards said in a Dec. 19 X post that market participants should brace for volatility in both directions, as it won’t take much to move the markets either way.
However, Edwards believes the odds are “decent” that the market could become so bearish in the short term that it flips, triggering a potential short squeeze.
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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
