The amount of “buy the dip” mentions on social media rose to the highest levels in 22 months, according to data from Santiment. The blockchain analytics firm said the number of social media mentions for the phrase rose to 323, the highest since March 25, 2022.
A significant rise in “buy the dip” mentions across social platforms is an indication of initial high trader optimism for a quick market recovery.
This optimism soared considerably after the crypto market flash crash on Jan. 3, signaling growing awareness among traders about the opportunities lower levels present.
Data from Google Trends reveals user interest in the term “buy the dip” has been on an upward trajectory since the end of November 2023.
Google Trends is a tool that analyzes the popularity of Google Search terms using real-time data.
The above chart shows people have been searching the term “buy the dip” over the last six weeks, impacted by market trends and occasional dips in prices.
People on X (formerly Twitter) were among the most optimistic about prices recovering quickly, with several analysts calling on market participants not to “look for reasons to sell” but “buy the dip.”
Perma bulls and long only don’t look for reasons to sell, only buy the dip. https://t.co/S8ctGjXOh6
— David A. Yablon (@day54) January 4, 2024
Another Jan. 3 post from X user Dust pointed out that “price action on the higher timeframe is calling for a much larger run up in price,” adding that it is a “buy the dip scenario.”
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Author: Nancy Lubale
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