Bitcoin Crowd Appears High on ‘Hopium’ as ‘Buy The Dip’ Trends

Posted on by American Coins & Gold

Bitcoin Crowd Appears High on ‘Hopium’ as ‘Buy The Dip’ Trends
As bitcoin nurses a weekly drop of 9%, the cryptocurrency’s social metrics indicate the retail crowd is high on hopium – a 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 is yet to find a bottom.…