Greed

Bitcoin

when

Mentions of “buy the dip” on social platforms Reddit, X, 4chan and Bitcoin Talk briefly doubled over the last two days as Bitcoin&nbsp;fell below $60,000 for the second time in four months.
Crypto research firm Santiment&nbsp;<a href="https://x.com/santimentfeed/status/1808619741449494831/photo/1" target="_blank" rel="noopener nofollow">tracked</a> the total mentions of the phrase across the four platforms as crypto traders debated what stage of the bull market Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) is currently in.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/171cf36f-f2fc-4d8a-9a1d-390b6bf3f779.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Frequency of “Buy the Dip” across four social platforms. Source: Santiment
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“The crowd is showing signs of seeing this as a buy the dip opportunity,” said Santiment in a post on X, adding: 
<blockquote data-ct-non-breakable="true">
 “Ideally, we wait for their enthusiasm to settle down. The time to buy is when they are impatient and skeptical.”
</blockquote>
Bitcoin is&nbsp;<a href="https://cointelegraph.com/explained/what-determines-the-bitcoin-price">trading</a>&nbsp;at $58,900 at the time of writing, down 4.2% over the last 24 hours, its lowest level since May 3, CoinGecko data <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">shows</a>.
<h2 data-ct-non-breakable="true" id="mt-gox-is-still-to-blame">Mt. Gox is still to blame</h2>
Tom Lee, founder of financial research firm Fundstrat, told CNBC on July 1 that much of the <a href="https://cointelegraph.com/news/bitcoin-derivatives-turn-bearish-as-traders-anticipate-sub-60k-btc-price">recent negative sentiment</a><a href="https://cointelegraph.com/news/bitcoin-derivatives-turn-bearish-as-traders-anticipate-sub-60k-btc-price"></a> is largely coming from <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments"></a><a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">Mt. Gox preparing to offload</a> $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 <a href="https://cointelegraph.com/news/bitcoin-price-150k-in-2024-base-case-tom-lee">Bitcoin can hit $150,000</a> before the end of 2024.
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 “[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.”
</blockquote>
Another <a href="https://cointelegraph.com/news/bitcoin-etfs-shed-1-3-billion-two-weeks-amid-market-slump">source of negative sentiment</a><a href="https://cointelegraph.com/news/bitcoin-etfs-shed-1-3-billion-two-weeks-amid-market-slump"></a>&nbsp;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 <a href="https://farside.co.uk/?p=1321" target="_blank" rel="noopener nofollow">shows.</a>
<h2 data-ct-non-breakable="true" id="not-everyone-s-confident-the-bottom-is-in">Not everyone’s confident the bottom is in</h2>
Kudret Ayyldr, research manager at GCM Investment, <a href="https://x.com/KudretAyyldr/status/1808459521045475604" target="_blank" rel="noopener nofollow">suggested</a> that alarm bells may be ringing now that Bitcoin has <a href="https://cointelegraph.com/news/why-is-bitcoin-price-stuck">failed to hold</a> 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: <a href="https://cointelegraph.com/news/ethereum-price-will-outperform-bitcoin-following-eth-etf-launch-analysts">Ethereum will outperform Bitcoin after ETF launch — K33 Research</a>
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.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/8fe67c35-7a64-4fd4-ae82-1a78ef43e597.png" alt="" title="">
 <figcaption style="text-align: center;">
 Crypto Fear and Greed Index score. Source: Alternative.me
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Magazine: ‘<a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/">Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

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

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Cointelegraph

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