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Data indicates that Bitcoin could rise 20% in 20 days
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THE Interest in “buying the dip” in Bitcoin reaches its highest level since August, according to Santiment, with a search volume of 54 points and a social dominance of 0.061.
Despite the asset’s recent recovery to US$97,000, technical analyzes from IntoTheBlock warn of the complexity of the situation, highlighting the break of the support line at US$97,500, which could indicate a insufficient demand to support prices.
According to Santiment analysis, discussions around buying Bitcoin on the dip have reached their highest peak since August. To reach this conclusion, the company researched the topic “buy the dip” on platforms X, Reddit, 4Chan, Bitcointalk and Farcastermain digital centers for debates around crypto assets. Among the conclusions, the company highlighted the high volume of searches and the social dominance rate, the highest in the annual series.
In the metric used by the company, the current search volume around the topic “buy on the drop” reached 54 points, the highest since July and August. That month, Bitcoin also entered a downward trend and was quoted below US$54,000, reaching a search volume of 71.
Buy on the drop
However, the social dominancea metric used by the company that indicates how much people are commenting on a topic, reached 0.061, more than on August 5th, when it reached around 0.060.
That day, after reaching US$53,923, Bitcoin jumped to US$64,265. In other words, an increase of 19.19% in just 20 days. With the proximity of the indices between the two dates, the same could happen now.
The cryptocurrency fell to US$92,000 in the early hours of Friday(20). Applying the percentage recorded on that August 5th, when the levels of social dominance of the “buy the dip” theme were very similar to today, the asset could rise to US$110,000 by the first week of January next year.
It is worth noting that, despite Bitcoin having recovered to US$97,000 at the time of this report, this recovery of US$5,000 is very similar to the one it had on the same day of August 5th. That day, Bitcoin fell as low as $49,000 at the beginning of the day and reached $53,000 in the afternoon. The same recovery movement, in numbers and time, of Bitcoin on Friday the 20th.
However, it is important to note that despite the optimism surrounding the numbers presented by Santiment, technical analysis by research agency IntoTheBlock pointed to a more complex situation. The company brought data on the demand zone, i.e. the price level at which many investors are willing to buy the asset.
According to the post, this level occurred when the asset reached the $97,500 support line. At that time, investors purchased more than 1.4 million BTC. It turns out that the cryptocurrency fell to US$92,000 on the same day, breaking the support line. This indicates that demand was no longer sufficient to maintain the price.
Data indicates that Bitcoin could rise 20% in 20 days
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Data indicates that Bitcoin could rise 20% in 20 days
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Data indicates that Bitcoin could rise 20% in 20 days
