Santiment: Cryptocurrency "buying enthusiasm" rises to a 7-month high, but the market may go against expectations
ChainCatcher news, according to Cointelegraph, during the market correction as Bitcoin fell below $80,000, discussions about "buying the dip" in cryptocurrency on social media have surged to their highest level since July of last year. On-chain analysis platform Santiment noted in its report that traders on social platforms like X, Reddit, and Telegram are showing "extremely high confidence," believing that the current decline is "a buying opportunity."However, Santiment warns that the market's high enthusiasm for buying the dip may not necessarily be an entry signal, as markets often move in the opposite direction of public expectations. "Ideally, we should wait for this crowd enthusiasm to fade as a signal that retail traders have already endured enough pain to justify a rebound." Google Trends data shows a similar trend, with search interest for "buy the dip" peaking at 100 on February 26, but has since dropped to 49.