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Mentions of “buy the dip” have surged on platforms like Reddit, X, 4chan, and Bitcoin Talk, doubling over the past two days as Bitcoin fell below $60,000 for the first time in four months.
Crypto research firm Santiment tracked these mentions as traders discussed the current stage of Bitcoin’s bull market. “The crowd is showing signs of seeing this as a buy the dip opportunity,” Santiment posted on X, cautioning that the ideal buying time is when enthusiasm has settled and skepticism prevails.
At the time of writing, Bitcoin is trading at $58,900, down 4.2% over the last 24 hours, its lowest since May 3, according to CoinGecko data.
Tom Lee, founder of Fundstrat, told CNBC on July 1 that much of the negative sentiment is due to Mt. Gox preparing to release $9 billion worth of Bitcoin to creditors later this month. There are concerns that Bitcoin could drop further if many of Mt. Gox’s 127,000 creditors sell their recovered Bitcoin. Lee remains optimistic, predicting Bitcoin could reach $150,000 by the end of 2024, noting that the resolution of Mt. Gox’s issues could lead to a sharp rebound in the latter half of the year.
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Negative sentiment also stems from the spot Bitcoin exchange-traded funds, which have only seen inflows in six of the last 18 trading days, according to Farside Investors data.
Kudret Ayyldr, research manager at GCM Investment, warned that Bitcoin’s inability to stay above $67,500 since April could lead to a correction down to the $48,000-$50,000 range, as he posted to his 19,300 followers on X.
The Crypto Fear and Greed Index, which gauges market sentiment for Bitcoin and the broader cryptocurrency industry, currently sits in the “Fear” zone with a score of 44 out of 100. The index hit an 18-month low of 31 on June 25 and has fluctuated between 30 and 53 since then.
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