Santiment: Cryptocurrency "bottom-fishing enthusiasm" rises to a 7-month high, but the market may be contrary to expectations

ChainCatcher reports, according to Cointelegraph, that amid the market adjustment where Bitcoin fell below $80,000, discussions about "buying the dip" in cryptocurrency on social media have surged to their highest level since July last year. The on-chain analysis platform Santiment pointed out in its report that traders are showing "extremely high confidence" on social platforms such as X, Reddit and Telegram, believing that the current decline is a "worthwhile buying opportunity".

However, Santiment warns that the market's high enthusiasm for buying dips does not necessarily signal an entry point because markets often move in directions contrary to popular expectations. "Ideally we should wait for this group enthusiasm to subside as a signal that retail traders have suffered enough pain to justify a rebound." Google Trends data shows similar trends; interest in searching for "buy the dip" peaked at 100 points on February 26 but has since dropped to 49 points.