Bitcoin, About to Skyrocket?

The analytics firm Santiment pointed out on X, formerly known as Twitter, that a recent dip in cryptocurrency has led to the second-largest spike of buying interest among social media users. Bitcoin dipped below $66,000, leading to many social media users calling to buy.

Santiment pointed to greed and FOMO (fear of missing out) as the two reasons why. As they tweeted, there are two reasons why this happens:

#1: Price erupts and traders want to jump in with hopes of prices continuing to climb

#2: Price drops, traders don’t believe the dip was warranted, and buy in hopes of a quick recovery

Santiment believes #1 was the reason for the first spike a month ago, and #2 is the reason for the current spike, which began last week. The data also shows that BTC topped out soon after the social media spike came last month, which gives credence to the FOMO idea. 

Seriously though, this is not an endorsement…