Bitcoin [BTC]: Whether it is the dip or the bottom, AUM stats say this

ambcrypto.com:

The bears have finally decided to pause their chase and take some rest considering the latest movements in the crypto-market. Bitcoin, of late, has been able to get back its rhythm, with the crypto trading at $31,500 at press time.

However, the bear market has given us a lot to ponder about, especially with respect to investor behavior towards falls and dips.

Six months into the bear market and macro headwinds still continue to plague the crypto-market. This has had a profound effect on HODLers who are now “tired and exhausted.” They have continued to buy the wrongdips as the market plunged regularly until the Terra crash happened.

To study this, Santiment shared some insights into crowd behavior parallels between 2021 and 2022 using the Social Dominance metric.

Let’s first discuss the performance of the king coin in 2021. Bitcoin’s price refused to rise when “too much (and by many)” expectations were dominant in social trends for buying the dip towards mid-May 2021. Eventually, two months later, when the price hit $29.5k, there was the perfect scenario for the market to grow.

And it did, with a bull market that shot Bitcoin up to its all-time high of around $69,000.

Similarly, during the end of 2021, there was an increase in dominance of buying the dip with “each new dip.” This created another scenario, one where Bitcoin refused to go bullish, with the trend continuing well into January 2022. Going forward, the desire to “buy the dip” disappeared, turning out to be a good sign for the market. .

As Santiment has reiterated regularly, when the majority is (eagerly) looking for a bottom, there is none.

This statement makes more sense now than ever.

Now, to many, ‘buy the dip’ is a notion traditional to retail investors. What of