"Buy the dip" is a phrase increasingly heard on Reddit, X, 4chan and Bitcoin Talk platforms as Bitcoin (BTC) fell below $60,000 for the second time in four months. 😓 Some traders believe this is a great buying opportunity , but research firm Santiment advises waiting until the enthusiasm dies down.

Founder of financial research firm Fundstrat, Tom Lee, believes the negative sentiment is largely due to the fact that Mt. Gox is preparing to bring $9 billion worth of Bitcoin to the market.

The Cryptocurrency Fear and Greed Index, which measures market sentiment for Bitcoin and the broader cryptocurrency industry, is currently in the Fear zone with a score of 44 out of 100.