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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Crypto Market Crashes: Traders React With “Buy The Dip” Calls

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Crypto

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The crypto market has seen a plunge today, and it would appear that social media users have reacted by calling to buy this “dip.”

Coins Across The Crypto Sector Are In The Red Today

According to data from the on-chain analytics firm Santiment, social media mentions of “buy the dip” have gone up following the latest tumble that the crypto market has experienced.

The relevant indicator here is the “social volume,” which keeps track of the number of unique posts/threads/messages on the various social media platforms that mention a specific topic.

The metric counts the posts themselves instead of the mentions because this method provides a more accurate representation of the behavior among social media users as a whole.

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Consider two scenarios: one where a large number of mentions are happening over a few posts and another where mentions are also taking place but are spread out over a large number of posts.

In the first, discussion is limited to a specific group of users, but going by the mentions, this case would have as much interest in the topic as the latter when it’s not the case.

Now, to find whether “buy the dip” is gaining traction among crypto investors, what Santiment has done is filter out the social volume of crypto first and then search these posts for the mention of terms related to this idea.

Here is a chart that shows the trend in the social volume for this topic over the last month:

Crypto Buy The Dip

The value of the metric appears to have spiked recently | Source: Santiment on X

The graph shows that the crypto social volume for terms related to “buy the dip” has shot up after this plummet in the market. In the same chart, the analytics firm has also attached the “social dominance” data, which keeps track of what percentage of these discussions are adding up.

Social dominance has also registered a spike recently, and at the peak of this spike, it seems the metric assumed a value of about 0.7, which means 0.7% of all discussions related to the crypto sector involved this topic.

“Crypto has experienced its fastest drop in 4 months as markets have corrected and caused mild trader concerns,” notes Santiment. “There is a high level of buythedip calls, which typically means that there is a bit of overeagerness and FOMO on these low prices.”

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While the market is optimistic about this plunge, too much optimism about things like “bottoms” has historically actually backfired for the assets’ prices. Thus, these mentions aren’t a sign that Bitcoin and others have finished with their decline, and more could potentially be on the way.

BTC Price

Bitcoin had gone under the $41,000 mark during its initial plunge, but it wasn’t long before it made some recovery towards the current price.

Bitcoin Price Chart

Looks like the value of the asset has plunged | Source: BTCUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

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’s 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’t 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’t 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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 publishing
How Our News is Made

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