Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000

Bitcoin has been sliding down since it reached its all-time high in March. This has largely led to a buy-the-dip sentiment among crypto traders, with many believing the correction would end as soon as it ended and Bitcoin would surge again to new all-time highs. 

According to crypto analytics platform Santiment, the thrill of scooping up ‘cheap’ Bitcoin appears to be fading as the consolidation drags on around the $60,000 price mark. As Santiment noted, this fading buy-the-dip mentality could actually be a signal that Bitcoin is nearing a bottom, according to price history. 

Is The Bitcoin Bottom In?

Bitcoin tumbled from $63,000 to $60,000 on Friday, extending its run of range trading in the past few weeks. As noted by Santiment, traders are becoming less enthusiastic about buying the dip according to social media interactions.

While this might be worrying for some investors, Bitcoin’s unique price movement over the years has prompted Santiment to note this is generally a good sign that the bottom is nearing.

To explain this further, the sentiment usually turns quite negative when Bitcoin crashes from all-time highs. But historically, the point at which “buy the dip” talk on social media starts to fade is often a sign the bottom is near than most people will think.

The fading “buy the dip” talk suggests the weak and scared bears have sold and the bulls are starting to position themselves.