Bitcoin plunge triggers frenzy: social platforms "buy on dips" discussion volume exploded!

"People are showing signs of seeing this as a dip buying opportunity," Santiment said in an article on X, adding: "Ideally, we should wait for their enthusiasm to stabilize. The best time to buy is when they lose patience and begin to doubt."

According to Coingecko data, Bitcoin is currently trading at $57,036, down 4.2% in the past 24 hours, the lowest level since May 3.

The shadow of Mt. Gox is still hanging over the market. Tom Lee, founder of financial research firm Fundstrat, told CNBC on July 1 that most of the recent negative sentiment mainly comes from Mt. Gox's plan to sell $9 billion worth of Bitcoin to creditors later this month. Some people are worried that if most of Mt. Gox's 127,000 creditors sell their Bitcoin, Bitcoin may plummet. Although Lee is unsure when the bottom will be reached, he sticks to his prediction that Bitcoin may reach $150,000 by the end of 2024. "(Mt. Gox) has been a huge unresolved issue for years, but knowing that will be resolved in July, I think that's reason to expect a big rebound in the second half of the year," he said.

Another source of negative sentiment could be spot bitcoin exchange-traded funds, which have seen inflows in just six of the past 18 trading days, according to Farside Investors.

Not everyone is optimistic about a bottom. Kudret Ayyldr, research manager at GCM Investment, said alarm bells may be ringing given that bitcoin has failed to stay above $67,500 since April. Ayyldr estimated in a July 3 post on X that the negative sentiment could prompt a price correction to the $48,000 to $50,000 bottom area.

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