Following Bitcoin’s 5% drop, social media is buzzing with “buy the dip” calls, according to Santiment. Analysts warn against interpreting this as a bottom signal, as fear and lack of interest often mark true market bottoms. Market cap is at $3.79 trillion, with Bitcoin trading at $108,748, down 5% in a week.

The Crypto Fear & Greed Index hit “Fear” territory before rebounding to a “Neutral” score. Some traders see the market pullback as a sign of an impending altcoin season. Crypto trader Ash Crypto notes altcoins are the most oversold ever, suggesting a potential “mega altseason” akin to 2017 and 2021 rallies.

CoinMarketCap’s Altcoin Season Index shifted to “Altcoin Season” with a score of 60. Trader Ak47 speculates on a possible Fed rate cut and altcoin ETF approval driving a huge rally. CME’s FedWatch Tool indicates an 86.4% chance of a rate cut in September, typically a bullish sign for crypto.

Read more at Cointelegraph: Crypto ‘Buy The Dip’ Calls Spiking May Be A Warning Sign