Fun

‘Buy the dip’ mentions on social platforms surge as Bitcoin stumbles

News Feed - 2024-07-04 12:07:54

Brayden Lindrea5 hours ago‘Buy the dip’ mentions on social platforms surge as Bitcoin stumblesMentions of “buy the dip” on Reddit, X, 4chan and Bitcoin Talk doubled over the last two days as Bitcoin fell to lows unseen for months.11549 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksMentions of “buy the dip” on social platforms Reddit, X, 4chan and Bitcoin Talk briefly doubled over the last two days as Bitcoin fell below $60,000 for the second time in four months.


Crypto research firm Santiment tracked the total mentions of the phrase across the four platforms as crypto traders debated what stage of the bull market Bitcoin (BTC) is currently in.Frequency of “Buy the Dip” across four social platforms. Source: Santiment


“The crowd is showing signs of seeing this as a buy the dip opportunity,” said Santiment in a post on X, adding:“Ideally, we wait for their enthusiasm to settle down. The time to buy is when they are impatient and skeptical.”


Bitcoin is trading at $58,900 at the time of writing, down 4.2% over the last 24 hours, its lowest level since May 3, CoinGecko data shows.Mt. Gox is still to blame


Tom Lee, founder of financial research firm Fundstrat, told CNBC on July 1 that much of the recent negative sentiment is largely coming from Mt. Gox preparing to offload $9 billion worth of Bitcoin to its creditors later in July.


Some are worried that Bitcoin could slump if a significant portion of Mt. Gox’s 127,000 creditors sell their recovered Bitcoin. Lee isn’t sure when the bottom will be in but stood by his prediction that Bitcoin can hit $150,000 before the end of 2024.“[Mt. Gox] was a huge overhang for many years [but knowing] that is going to disappear in July, I think it’s a reason to expect a pretty sharp rebound in the second half.”


Another source of negative sentiment may have come from the spot Bitcoin exchange-traded funds, which have only seen inflows in six of the last 18 trading days, Farside Investors data shows.Not everyone’s confident the bottom is in


Kudret Ayyldr, research manager at GCM Investment, suggested that alarm bells may be ringing now that Bitcoin has failed to hold above $67,500 since April.


“This negativity may prompt a correction to the $48-50K bottom area,” Ayyldr estimated in a July 3 X post to his 19,300 followers.


Related:Ethereum will outperform Bitcoin after ETF launch — K33 Research


The Crypto Fear and Greed Index, which measures market sentiment for Bitcoin and the broader cryptocurrency industry, is currently in the “Fear” zone with a score of 44 out of 100.


It fell to an 18-month low of 31 on June 25 and has been hovering between 30 and 53 ever since.Crypto Fear and Greed Index score. Source: Alternative.me


Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Twitter# Reddit# Bitcointalk# Markets# Data# Market AnalysisAdd reaction

News Feed

BitYard Has Partnered With Banxa to Expand Fiat Money Deposit Methods Supporting Major Currencies
BitYard Has Partnered With Banxa to Expand Fiat Money Deposit Methods Supporting Major Currencies press release PRESS RELEASE. BitYard, a Singapore-based cryptocurrency derivatives
$40 Billion Worth Of XRP On The Move – Where Are They Headed?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Serkan Keskin6 hours agoWeb3 startups queue up: Consensys Startup Program partners with Cointelegraph AcceleratorCointelegraph Accelerator participants will get a headstart with Consensys’ Web3 solutions, including Met
Sam Altman pushes ChatGPT mass adoption among Fortune 500 companies: Report
Savannah Fortis10 hours agoSam Altman pushes ChatGPT mass adoption among Fortune 500 companies: ReportOpenAI CEO Sam Altman hosted hundreds of executives from Fortune 500 companies to pitch AI services to diversify reven
Nigerian CBDC Still Not Widely Used a Year After Launch
Nigerian CBDC Still Not Widely Used a Year After Launch On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more resid
Ezra Reguerra20 hours agoBreaking down the ongoing token impersonation scams with DeFi execsTres Finance co-founder Tal Zackon warned businesses not to use explorers when tracking their finances.4111 Total viewsListen to
Alice Ivey12 hours ago11 ChatGPT prompts for maximum productivityExplore the transformative power of ChatGPT’s customizable prompts for professionals seeking maximum productivity.12045 Total views52 Total sharesListen
Bitcoin Hits $25,890, Peter Schiff Thinks BTC Price Rise Will Attract Regulators
Bitcoin Hits $25,890, Peter Schiff Thinks BTC Price Rise Will Attract Regulators The price of bitcoin jumped well over the $25k handle touching a high of $25,890
Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’
Este artículo también está disponible en español. Chainlink has showcased its volatility over the past few days, with the price plunging 12% before staging an impressive
Bitcoin Price Outlook for March
Bitcoin Price Outlook for March There are only ten days into March, and volatility in the crypto markets has heightened, with both bitcoin and ethereum falling to two-month lows. A
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains 
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains  BTC was marginally lower to start the weekend, as crypto prices consolidated
No Evidence ISIS Is Storing $300 Million in Bitcoin, Says Chainalysis
No Evidence ISIS Is Storing $300 Million in Bitcoin, Says ChainalysisBlockchain intelligence firm Chainalysis has dismissed claims ISIS is holding a $300 million bitcoin (BTC) war c