Sellers are panicking, hold your horses because dips are still being sold according to Santiment Behavior Analysis.
For the past seven days, the words “fail”, “buy”, and “feed” have been the most popular words on social media for cryptocurrencies. In addition, the word “sell” fell out of the top 10 popular topics on Thursday, although it rose sharply on Tuesday.
According to crypto market data aggregator Santiment, social media users from Meta to Telegram to Twitter have formed a choir, and they all sing from the same sheet of the anthem. The words “fall” and “buy” are ranked first and third, respectively, while “the Fed” or “Federal Reserve” are in sixth place.
The behavioral analysis of the monitoring platform sheds light on the social loudness of words on crypto-social networks, which can indicate the general mood. It works in a similar way to the Crypto Fear & Greed Index, which currently scores 18, “extreme fear”.
Contrary to the index and some traders wary of the $30,000 price per bitcoin (BTC), social media buying sentiment remains strong. This is just a third of the 1,875 points that skyrocketed on December 4, 2021, when the price of BTC dropped to $42,000.
The US Federal Reserve tops the list due to discussions about a possible rate hike in 2022. Bitcoin bull Vijay Boyapati is stunned. In a tweet on Wednesday, he suggested that BTC would skyrocket if the Fed “loses control of the bursting bubble it has inflated over the past decade.”
On the subject: Cardano became the most developed crypto project on GitHub in 2021 – Santiment
Oddly enough, on Tuesday there was a surge in selling activity. The call to sell three days ago was as intense as the call from investors to buy at 4,828 sentiments on November 29, 2021. However, at the time, it seemed like the bull run was in full swing.
Overall, sentiment in crypto seems to be optimistic that the current market movement is just a dip. However, the bearish theme worked its way up from No. 10 on Thursday night to No. 8 on Friday.
As BTC prices dropped to $41,000, the volatility could be even greater.
