The post ‘Buy The Dip’ Mentions Social Platforms Surge Bitcoin Stumbles appeared on BitcoinEthereumNews.com.

Mentions of “buy the dip” on Reddit, X, 4chan, and BitcoinTalk doubled over the last two days as Bitcoin fell to lows unseen for months. Mentions of “buy the dip” on social platforms Reddit, X, 4chan and Bitcoin Talk briefly doubled over the last two days as Bitcoin fell below $60,000 for the second time in four months. Crypto research firm Santiment tracked the total mentions of the phrase across the four platforms as crypto traders debated what stage of the bull market Bitcoin (BTC) is currently in. Frequency of “Buy the Dip” across four social platforms   “The crowd is showing signs of seeing this as a buy the dip opportunity,” said Santiment in a post on X, adding: “Ideally, we wait for their enthusiasm to settle down. The time to buy is when they are impatient and skeptical.” Bitcoin is trading at $58,900 at the time of writing, down 4.2% over the last 24 hours, its lowest level since May 3, Coinstats data shows. Bitcoin Price Chart | Source: Coinstats   Mt. Gox Is Still To Blame Tom Lee, founder of financial research firm Fundstrat, told CNBC on July 1 that much of the recent negative sentiment is largely coming from Mt. Gox, who is preparing to offload $9 billion worth of Bitcoin to its creditors later in July. Some are worried that Bitcoin could slump if a significant portion of Mt. Gox’s 127,000 creditors sell their recovered Bitcoin.  Lee isn’t sure when the bottom will be in but stood by his prediction that Bitcoin can hit $150,000 before the end of 2024. “[Mt. Gox] was a huge overhang for many years [but knowing] that is going to disappear in July, I think it’s a reason to expect a pretty sharp rebound in the second half.” Another source…

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Filed under: News - @ July 5, 2024 9:08 am