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Sujit Kumar
Dec 20, 2024
by Sujit Kumar

Bitcoin’s Drop Below $100K Sparks "Buy the Dip" Frenzy

Bitcoin’s Drop Below $100K

Table of contents

  1. Search Interest Trends
  2. Market Volatility Ahead?
As Bitcoin dipped below the $100,000 psychological barrier, social media chatter about "buying the dip" surged to its highest level since April, according to crypto analytics firm Santiment. On December 19, the social dominance score for "Buying the Dip" reached 0.061, reflecting heightened interest in the strategy. This marked the highest level since April 12, when Bitcoin’s price fell from $70,000 to $63,000 within a day.

Bitcoin has remained below $100,000 for over 12 hours, currently trading at $97,258. Similar spikes in social dominance were seen in August when Bitcoin dropped below $60,000, triggering discussions about market recovery strategies.

Search Interest Trends

Despite the recent downturn, search interest in crypto remains high. Google Trends data shows global searches for "crypto" scored 75 in the past week, a decline from 100 earlier this month. Conversely, "buy the dip" searches hit a score of 38, the highest since August 10, signaling increased retail interest during market downturns.

Market Volatility Ahead?

Capriole Fund founder Charles Edwards cautioned that market participants should prepare for heightened volatility in both directions. Edwards suggested in a December 19 post on X that the bearish sentiment might intensify to the point where it triggers a short squeeze, leading to a potential price reversal.

As Bitcoin hovers around key levels, social sentiment and search data indicate that investors are closely monitoring the market, with many anticipating opportunities amid the volatility.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin’s Drop Below $100K
Bitcoin’s Drop Below $100K Sparks "Buy the Dip" Frenzy
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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