Bitcoin (BTC) is currently consolidating after reaching a 2022 high of $48,086 at the end of March. However, in the last 24 hours, there has been significant ‘Buy The Dip’ optimism on social media platforms resulting in the largest spike since March 14.
The increase in FOMO in the last two weeks, when the price of Bitcoin (BTC) surpassed the $45,000 resistance level has fueled the optimism.
BTC Sees ‘Buy The Dip’ Optimism Amid FOMO, Will It Surpass $50K?
Santiment, an on-chain data platform, tweeted on Wednesday that there was increased demand for buying Bitcoin at the present price levels. The social volume and social dominance on-chain metrics recorded the highest spikes in the last 24 hours. It happened as the price of Bitcoin (BTC) briefly fell below $45k.
“This may not be a major price drop with Bitcoin down -1.3% over the past 24 hours. However, after quite a bit of FOMO over the past 2 weeks, there is some major ‘buy the dip’ optimism on social platforms. This is the largest crowd spike in 3 weeks.”
The price of Bitcoin (BTC) has been continuously climbing in an ascending channel pattern since March 14, causing FOMO among Bitcoin investors, including whales and institutions. Moreover, trading volume is also increasing in the week, indicating increased demand for Bitcoin among traders.
Also, as the Bitcoin cycle approaches the mid-having event next week, the daily on-chain BTC transaction volume in profit is increasing in comparison to transactions in loss, according to Santiment. However, due to higher daily active addresses and redistribution of Bitcoin supply, the possibilities of Bitcoin price rising higher are stronger this time.
Buying Bitcoins (BTC) at Current Levels
The Bitcoin (BTC) price is currently trading at $45,405, down about 2% over the last 24 hours. Despite the price decline, Bitcoin is still trading above $45k and attracting traders, institutional investors, and whales.
Whales and institutions are taking advantage of the recent price declines by accumulating more Bitcoins. MicroStrategy, for example, purchased an additional 4,167 BTC worth $190 million on Tuesday. And today, Terra’s LFG purchased 5040 BTC, bringing its total Bitcoin treasury to 35,768 BTC.
On-chain data and investor demand indicate that the price could rise higher from its current levels. However, before a substantial bullish surge can be witnessed, the $50k level must be crossed.
