{"id":548336,"date":"2023-08-22T12:30:39","date_gmt":"2023-08-22T12:30:39","guid":{"rendered":"https:\/\/wncen.com\/?p=548336"},"modified":"2024-06-11T08:06:45","modified_gmt":"2024-06-11T08:06:45","slug":"bitcoin-dip-worth-buying-market-sentiment","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dip-worth-buying-market-sentiment\/","title":{"rendered":"Bitcoin Dip Worth Buying? What Market Sentiment Suggests"},"content":{"rendered":"

The current sentiment among Bitcoin investors may hold the key to understanding whether the current drop is a buying opportunity or not.<\/p>\n

“Buy The Dip” Optimism Is Fading In The Bitcoin Market<\/h2>\n

In a new insight post<\/a>, the on-chain analytics firm Santiment has looked into how the trader sentiment has shifted in the BTC sector since the crash<\/a> a few days back.<\/p>\n

Related Reading: Will Bitcoin Retest $20,500 Again? This Pattern May Suggest So<\/a><\/p>\n

First, the analytics firm has checked for the amount of “buy the dip” types of calls that have been happening on social media recently.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric had been quite high not too long ago | Source: Santiment<\/a><\/pre>\n
Here, Santiment has made use of its “social volume<\/a>” metric, which finds the unique number of social media posts that are making mentions of a given term or topic.<\/p>\n
Naturally, the social volume for Bitcoin\/cryptocurrency is taken here, and has then been filtered for terms like ‘buy’ and ‘dip.’ From the chart, it’s visible that the social media users were participating in some heavy discussion around such topics just when the Bitcoin crash toward the $26,000 level occurred a few days ago.<\/p>\n
This implies that the traders were optimistic that the asset would quickly recover and they believed that the drop presented an ideal buying opportunity.<\/p>\n
As the asset has only continued to move sideways since the crash, however, optimism on social media has appeared to have slowly vanished, as ‘buy the dip’ calls have plunged. However, this is not all bad news as Santiment points out.<\/p>\n
“Believe it or not, it’s a good sign that people are no longer certain that this is a dip buy spot,” explains the analytics firm. “It means that pessimism is beginning to take over again as market caps fade.”<\/p>\n
Historically, bottoms have become more probable to form the more pessimistic about the market the majority of the traders have been. Thus, this development can potentially allow the coin to recover.<\/p>\n
In terms of the social volume broken across the major social media platforms, it would appear that Redditors have still not given up hope for a reversal.<\/p>\n
\"Bitcoin<\/p>\n
Buy the dip calls on Telegram, Reddit, Twitter, and 4chan | Source: Santiment<\/a><\/pre>\n
While the overall market sentiment may have cooled down, it would seem that it hasn’t yet happened on all platforms equally. But it may provide a unique opportunity for a good entry point.<\/p>\n
“When all four social platforms align and have settled back down to neutral mentions of buying the dip, this is when the actual opportunity has historically presented itself for patient traders,” notes Santiment.<\/p>\n
Related Reading: XRP Whales Accumulate, Can Price Recover Now?<\/a><\/div>\n
A sign that may not be so positive can be the fact that the “social dominance<\/a>” of Bitcoin, the percentage share of the total social volume of the top 100 assets, has dropped back to normal levels, after briefly hitting the highest level of 2023 following the crash.<\/p>\n
\"Bitcoin<\/p>\n
The metric's value has cooled down a bit | Source: Santiment<\/a><\/pre>\n
This would mean that social media users are still engaging in discussions related to altcoins, which is a sign that there is still greed left in the market. Ideally, the Bitcoin’s social dominance should remain high.<\/p>\n
“High discussion related to the #1 asset coincides with fear, whereas discussions about more speculative assets tends to coincide with greed,” says the analytics firm. “Fear is when markets rise.”<\/p>\n
Overall, it would appear that the market sentiment is moving in the correct direction, but it hasn’t yet completely aligned in a way that has historically been favorable for a Bitcoin rebound to occur.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,000, down 11% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has observed a plunge recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
The current sentiment among Bitcoin investors may hold the key to understanding whether the current drop is a buying opportunity or not. “Buy The Dip” Optimism Is Fading In The Bitcoin Market In a new insight post, the on-chain analytics firm Santiment has looked into how the trader sentiment has shifted in the BTC sector since the crash a few days back. Related Reading: Will Bitcoin Retest $20,500 Again? This Pattern May Suggest So First, the analytics firm has checked for the amount of “buy the dip” types of calls that have been happening on social media recently. Looks like the value of the metric had been quite high not too long ago | Source: Santiment Here, Santiment has made use of its “social volume” metric, which finds the unique number of social media posts that are making mentions of a given term or topic. Naturally, the social volume for Bitcoin\/cryptocurrency is taken here, and has then been filtered for terms like ‘buy’ and ‘dip.’ From the chart, it’s visible that the social media users were participating in some heavy discussion around such topics just when the Bitcoin crash toward the $26,000 level occurred a few days ago. This implies that the traders were optimistic that the asset would quickly recover and they believed that the drop presented an ideal buying opportunity. As the asset has only continued to move sideways since the crash, however, optimism on social media has appeared to have slowly vanished, as ‘buy the dip’ calls have plunged. However, this is not all bad news as Santiment points out. “Believe it or not, it’s a good sign that people are no longer certain that this is a dip buy spot,” explains the analytics firm. “It means that pessimism is beginning to take over again as market caps fade.” Historically, bottoms have become more probable to form the more pessimistic about the market the majority of the traders have been. Thus, this development can potentially allow the coin to recover. In terms of the social volume broken across the major social media platforms, it would appear that Redditors have still not given up hope for a reversal. Buy the dip calls on Telegram, Reddit, Twitter, and 4chan | Source: Santiment While the overall market sentiment may have cooled down, it would seem that it hasn’t yet happened on all platforms equally. But it may provide a unique opportunity for a good entry point. “When all four social platforms align and have settled back down to neutral mentions of buying the dip, this is when the actual opportunity has historically presented itself for patient traders,” notes Santiment. Related Reading: XRP Whales Accumulate, Can Price Recover Now? A sign that may not be so positive can be the fact that the “social dominance” of Bitcoin, the percentage share of the total social volume of the top 100 assets, has dropped back to normal levels, after briefly hitting the highest level of 2023 following the crash. The metric’s value has cooled down a bit | Source: Santiment This would mean that social media users are still engaging in discussions related to altcoins, which is a sign that there is still greed left in the market. Ideally, the Bitcoin’s social dominance should remain high. “High discussion related to the #1 asset coincides with fear, whereas discussions about more speculative assets tends to coincide with greed,” says the analytics firm. “Fear is when markets rise.” Overall, it would appear that the market sentiment is moving in the correct direction, but it hasn’t yet completely aligned in a way that has historically been favorable for a Bitcoin rebound to occur. BTC Price At the time of writing, Bitcoin is trading around $26,000, down 11% in the last week. BTC has observed a plunge recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":548373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87885,86409,1119,1144],"class_list":["post-548336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-buy-the-dip","tag-bitcoin-sentiment","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Dip Worth Buying? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Dip Worth Buying? 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