According to Santiment behavior analysis data, panicked sellers should not panic because dips can still be bought.
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The top three most popular words on cryptocurrency social media over the last seven days have been “dip”, “buy” or “Fed.” Additionally, “sell” dropped out of the top 10 trendsing topics on Thursday, despite it rising sharply on Tuesday.
Santiment, a crypto market data aggregator, has revealed that social media users from Meta, Telegram, to Twitter have joined a choir and are all singing the same hymn sheet. The No. 1 and No. 2 are “buy” and “dip”. 1, and No. Three of the most popular words are “Fed” and “No.
The monitoring platform’s behavior analysis reveals social volumes for words on cryptocurrency social media. This can give insight into overall sentiment. It functions in a similar manner to the Crypto Fear & Greed Index which currently has a score of 18 “extreme fear.”
Social media sentiment to buy Bitcoin (BTC) is strong, despite the Index’s warnings and trader fears about a $30,000 Bitcoin price. It’s still only one-third the score of 1,875 that was spiked on December 4, 2021 when BTC’s value soared to $42,000.
The United States Federal Reserve features high up on the list due to discussion surrounding a potential rate increase in 2022. Bitcoin bull Vijay Boyapati is nonplussed. In a tweet on Wednesday, he suggested that BTC will fly when the Fed “loses control of the bursting bubble they’ve inflated for the last decade.”
Curiously, there was a spike in “sell” sentiment activity on Tuesday. The clamoring to sell three days ago was just as intense as those chiding investors to buy on Nov. 29, 2021, at 4,828 Santiment points. However, back then the bull run appeared to be in full swing.
Overall, crypto sentiment seems optimistic that the current market action is just a dip. However, the topic “bear” has crept up from the No. 10 position Thursday evening to number eight on Friday.
With BTC prices dipping as low as $41,000, there could be more volatility to come.
