8 a.m. ▪
3
min reading ▪ by
Eddy S.
The world of cryptocurrencies is in turmoil as mentions of “Buy the Dip” on social media reach their highest level in eight months. According to recent data, this trend was observed after the BTC price fell below the psychological threshold of $100,000 on December 19, 2024. However, is a new ATH at $118,000 before 2025 possible?
Why the rise of “Buy the Dip” on social networks while bitcoin is falling?
Bitcoin, which had recently hit the all-time mark of $107,600, eventually fell to $95,500, sparking a flurry of discussion about whether to buy at that price level. Mentions of “Buy the Dip” then reached a social dominance score of 0.061, the highest since April 2024, when BTC had fallen below $70,000. Additionally, global searches for “buy the dip” even reached a score of 38, the highest level since August 2024.
This increase in mentions of “Buy the Dip” reflects an optimistic attitude among investors and traders, who see this dip in bitcoin as a buying opportunity. However, this trend could also signal increased volatility in the near term. Charles Edwards, founder of Capriole Fund, pointed out that the market could become extremely bearish before potentially rebounding, triggering a short squeeze.
BTC at $118,000 before the New Year?
Current forecasts indicate that bitcoin may well recover before the New Year, with price projections reaching as high as $118,149 by December 31, 2024. However, market volatility remains high in this late period. 'year, and investors should remain cautious of potential fluctuations.
Bitcoin's recent fall below $100,000 has reignited investor interest in buying the dip, as evidenced by mentions on social media. While this trend reflects continued optimism, it could also indicate a period of increased volatility for BTC. Investors should therefore closely monitor market movements.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
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