“Buy the dip” mentions on social media soared as Bitcoin’s price dropped to nearly $40,000 on Jan. 3, with price action suggesting traders took their own advice.
The amount of “buy the dip” mentions on social media rose to the highest levels in 22 months, according to data from Santiment. The blockchain analytics firm said the number of social media mentions for the phrase rose to 323, the highest since March 25, 2022.
A significant rise in “buy the dip” mentions across social platforms is an indication of initial high trader optimism for a quick market recovery.
This optimism soared considerably after the crypto market flash crash on Jan. 3, signaling growing awareness among traders about the opportunities lower levels present.
