Crypto Chatter About ‘Buying the Dip’ Hits 8-Month High Sentiment 📉
The proportion of social posts about buying the crypto dip has surged to its highest level since April, as Bitcoin $BTC 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 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 had remained below $100,000 for about 12 hours at the time of publication.
It was 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 about $63,000 the following day.
It almost retested this score on Aug. 4, when Bitcoin dropped below $60,000 and slid toward $53,000 within the following 24 hours.
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.