30s Summary
Recent data highlights an increased interest in purchasing Bitcoin during its price dips, a trend known as ‘buying the dip’. Crypto analysis firm Santiment’s data revealed a peak in this conversation on social media after Bitcoin briefly dropped under $100,000. Despite Bitcoin’s inconsistent movement around the $100,000 mark, Google Trends data showcase sustained public curiosity in cryptocurrency. This inclination could influence potential shifts in the crypto market, as predicted by Charles Edwards from Capriole Fund.
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A recent stat shows there’s been an increase in chatter about buying Bitcoin after a price drop, especially now that Bitcoin’s been dancing around the $100,000 mark. This kind of chatter hasn’t been seen at such high levels since April, which is around the time Bitcoin slipped below the $70,000 bar.
The data from crypto analysis firm Santiment, taken from multiple social media platforms, shows people are talking a lot about buying Bitcoin at a cheaper price, a trend known as ‘buying the dip’. This chat peaked on December 19 when Bitcoin decided to hang below $100,000 for about half a day.
As for Bitcoin’s movement, it’s been bouncing around $100,000 for the past week, and every time it slips below that mark, people seem to sell off their Bitcoin in a rush. Right now, it’s going for around $97,258.
Interestingly, despite the drop in Bitcoin’s price, people are still interested in crypto. Google Trends data shows the term ‘crypto’ is high on the search list, although it’s dipped a bit since the start of December.
But while ‘crypto’ might be faltering a bit, ‘buy the dip’ has been googled a lot in the past week, reaching its highest level since early August.
According to Charles Edwards, the founder of Capriole Fund, we should expect the crypto market to keep being twitchy for a bit. But he reckons there’s a good chance the market could suddenly switch gears, sparking a lot of selling.
Remember this is just a bit of info to keep you in the loop. Don’t take this as investment advice. Crypto is always a gamble, so invest wisely!