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Bitcoin Drops Under $80,000—Santiment Warns Against Buying Too Soon
Last Updated: February 28, 2025
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Key Takeaways
- Crypto traders are eager to buy the dip, but high enthusiasm may not signal an immediate market rebound, Santiment warns;
- Bitcoin dropped below $80K due to economic concerns, with retail traders rushing in, yet history suggests real buying chances come later;
- Santiment says fading hype, not excitement, signals a true dip-buying opportunity.
Interest in buying discounted crypto has reached its highest point since July 2024, driven by a recent market decline that pulled Bitcoin
Data from Santiment shows discussions about buying the dip across social platforms like X, Reddit, and Telegram between February 25 and 26. Many traders believe this is the right time to buy, according to the analytics firm.
The renewed excitement follows a series of price drops. On February 25, Bitcoin fell below $90,000, a day after the US announced a 25% tariff on Canada and Mexico.
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The decline continued, dipping below $80,000 on February 28 after additional tariff threats against China and economic concerns.
Despite the optimism, Santiment warns that high enthusiasm for dip buying does not always mean the market will bounce back immediately. The firm said:
Ideally, we are waiting for this crowd enthusiasm to die down as a signal that enough pain has hit retail traders to justify a bounce.
Santiment noted that retail traders rushing to buy dips may have contributed to further price drops, adding, "Look for the crowd becoming disinterested or despondent as a sign that the real dip buy opportunity has arrived".
Meanwhile, Microsoft’s new quantum chip, Majorana 1, could accelerate the need to make Bitcoin more secure. How? Read the full story.
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