Bear market, there is no bottom

Bitcoin prices fell below the critical threshold of $80,000, and in an instant, social media was swept by a surge of discussions about 'bottom-fishing', reaching a peak not seen in nearly seven months. The public is calling for 'buying the dip', yet the lurking data on-chain offers sharp warnings: this seemingly tempting bottom-fishing opportunity may hide carefully laid traps by the market.

1. The frenzy of bottom-fishing on social media and the cognitive biases of retail investors
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Santiment's social sentiment tracker has precisely captured a startling set of data: From February 25 to 26, discussions about 'bottom-fishing cryptocurrencies' on mainstream social platforms like X and Reddit surged explosively, breaking the highest point since July of last year. Behind this nationwide fervor for bottom-fishing, there are three major cognitive traps hidden: