Bitcoin buy the dip? bitcoin to 100k BTC
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https://elites-enter.teachable.com As bitcoin nurses a weekly price drop of 9%, the cryptocurrency’s social metrics indicate the retail crowd is high on “hopium” – crypto slang for hopes of a quick recovery and a continued bull run.
However, past data shows pullbacks or downtrends typically end when social chatter leans bearish.
Data tracked by blockchain analytics platform Santiment shows “buy the dip” mentions on social media rose to 952 on Tuesday, hitting the highest levels since Sept. 7, when bitcoin crashed by 11%. The number of mentions remains elevated at press time.
It may be a sign that bitcoin has yet to find a bottom. “Just look at the previous spikes in the ‘buy the dip’ calls and you’ll notice that they’ve often come early (like back in April and May, respectively) and tend to be accompanied by another leg down before the crowd is finally proven right,” Santiment said in its market update on Wednesday.