As Bitcoin’s price dipped below the critical $100,000 threshold on December 19, social media discussions about “buying the dip” surged to their highest levels in over eight months, according to data from crypto analytics firm Santiment. The firm revealed that the social dominance score—reflecting mentions of the phrase on social platforms—peaked at 0.061.
This spike in sentiment mirrors trends seen earlier this year. The last time the “buy the dip” narrative was this dominant was on April 12, when Bitcoin’s price plummeted from $70,000 to $63,000 within days. A similar surge was observed on August 4, as the cryptocurrency slipped below $60,000, ultimately reaching $53,000.
At the time of writing, Bitcoin was trading at $93,200, continuing its week-long struggle to maintain stability above $100,000. Each dip below this psychological level has triggered notable liquidations, with traders scrambling to capitalize on perceived bargains.
Rising Interest in ‘Buy the Dip’ Sentiment
While Bitcoin battles to regain ground, the sentiment to “buy the dip” has gained traction not just on social media but also in search trends. Global searches for the phrase hit their highest point since August 10, according to Google Trends data.
However, interest in the broader term “crypto” has waned since the beginning of December. Over the past seven days, search interest for “crypto” scored 75, a notable decline from the peak score of 100 seen earlier this month.
Market Volatility on the Horizon
Charles Edwards, founder of Capriole Fund, warned investors to brace for heightened volatility in the coming days. In a December 19 post, Edwards noted that market movements could swing significantly in either direction due to the heightened bearish sentiment.
He suggested that such pessimism might eventually fuel a market rebound, triggering a short squeeze as traders rush to cover positions. “The odds are decent that the market becomes so bearish it flips,” Edwards remarked, leaving room for optimism amid the current uncertainty.
As Bitcoin hovers below $100,000, all eyes are on whether buy the dip sentiment will translate into a reversal or if the market will continue its downward trajectory.
The post Bitcoin’s Drop Sparks Surge in ‘Buy the Dip’ Sentiment on Social Media appeared first on TheCoinrise.com.
