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Bitcoin dipped in the early hours of Aug. 5, even touching the $49,000 mark at one point, after observing an almost $1.1 billion liquidation from the crypto market in the past 24 hours based on the data from Coinglass. Currently, the community continues to be torn between whether or not BTC will face a long winter or will recover soon.

As Bitcoin, Ether (ETH), and several altcoins post at least 10% negative performance, on-chain analytics platform Santiment revealed that the discussions about the dip buying among traders have been mild.

According to Santiment, Reddit was one of the social media platforms that observed a very “quick spike” in dip buy discussions. Meanwhile, X and 4Chan social media platforms showcase a slightly later dip buy discussion. 

As the market is still waking up to the crypto shock, the on-chain analytics platform expects the social frequency of “buying the dip” to increase as time passes. 

Bitcoin has since recovered, settling at above $52,000 after facing a fall of 12.61% over the one day at press time, according to CoinMarketCap. Although BTC’s market cap fell to $1.046 trillion, its trading volume experienced a 167.43% surge in 24 hours. 

The BTC/USD one-day chart reveals that the Relative Strength Index (RSI) — a momentum indicator used to assess whether an asset is overbought or oversold — has fallen below the oversold region. The candlesticks have fallen below the lower Bollinger Band as the indicator continues to expand, showcasing the high volatility in the market. Past trading activities have revealed that BTC faced a correction when the candlesticks fell into the oversold region.

Despite the bearish sentiment in the crypto market, popular trader Ash Crypto said they would be buying the dip. The analyst also expects that Bitcoin will make a new all-time high in 2024, while altcoin will be pumping “5x-10x by the end of the year.”

Meanwhile, Ran Nuener, the CEO of venture capital firm Onchain Capital, likens the market events to “another FTX-type event,” suggesting “patient buyers will be well rewarded.”

In a subsequent X post, Nuener predicted that the “worst is over,” while acknowledging that further market declines are possible.

Read more: Bitcoin, Ether ETFs see outflows as BTC, ETH price tumbles