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The cryptocurrency world is in turmoil as social media mentions of “Buy the Dip” reach their highest level in eight months. According to recent data, this trend was observed after the price of BTC fell below the psychological threshold of $100,000 on December 19, 2024. However, is a new high of $118,000 feasible before 2025?
Bitcoin, which recently hit the historic $107,600 mark, eventually fell to $95,500, sparking a wave of discussion about the possibility of buying at this price level. Mentions of “Buy the Dip” then reached a social dominance score of 0.061, the highest since April 2024, when BTC fell below $70,000. Additionally, global searches for “Buy the Dip” even reached a score of 38, the highest since August 2024.
This increase in “Buy the Dip” mentions reflects an optimistic sentiment among investors and traders who see this drop in Bitcoin as a buying opportunity. However, this trend could also indicate increased short-term volatility. Capriole Fund founder Charles Edwards noted that the market could turn extremely bearish before potentially recovering and triggering a “short squeeze.”
BTC at $118,000 before the new year?
Current forecasts suggest that Bitcoin could recover before the New Year, with price predictions reaching as high as $118,149 by December 31, 2024. However, market volatility remains high during this year-end period and investors must remain cautious given the potential…
