Traders on social media seem keen to buy the dip, but onchain analytics platform Santiment says this doesn’t necessarily mean it’s time to buy yet.
Social media mentions of crypto dip buying have rocketed to their highest level since last July amid a crypto market rout that recently sent Bitcoin under $80,000.
Santiment's social sentiment tracker found that traders’ discussions on various social media channels like X, Reddit and Telegram between Feb. 25 and 26 are “showing a very high level of confidence” that this dip is the “the one to buy,'” the platform said in a Feb. 28 post to X.
It’s the highest level of crypto dip-buying interest in seven months, it added.
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