Amid a market correction as bitcoin fell below $80,000, discussion of cryptocurrency "bottom fishing" on social media has climbed to its highest level since July last year, Cointelegraph reported. In its report, on-chain analytics platform Santiment noted that traders on social platforms such as X, Reddit and Telegram showed "extremely high confidence" that the current decline was a "time to buy".
However, Santiment warns that high levels of enthusiasm for bottom fishing are not necessarily an entry signal, as markets tend to move in the opposite direction to popular expectations. "Ideally, we should wait for this group enthusiasm to subside as a sign that retail traders have suffered enough pain to justify a rally." Google Trends data shows a similar trend, with "buythedip" (bottom fishing) search interest peaking at 100 points on February 26, but has since fallen to 49 points.
Gold financial report, Santiment: Cryptocurrency "bottom fishing enthusiasm" rises to 7-month high, but the market may reverse
2025-02-28 05:04:19
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