{"id":536809,"date":"2023-06-07T13:00:20","date_gmt":"2023-06-07T13:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=536809"},"modified":"2024-06-11T08:06:18","modified_gmt":"2024-06-11T08:06:18","slug":"bitcoin-contrarians-rebound-crowd-expectations-santiment","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-contrarians-rebound-crowd-expectations-santiment\/","title":{"rendered":"Bitcoin Contrarians Win As Rebound Occurs Against Crowd Expectations: Santiment"},"content":{"rendered":"

Data from Santiment suggests that the latest Bitcoin rebound took place after most investors had given up on the idea of it happening.<\/p>\n

Bitcoin Observes Rebound After “Buy The Dip” Crowd Goes Silent<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, calls for buying the dip had mostly disappeared right before the actual rebound. The indicator of interest here is the “social volume<\/a>,” which measures the total number of social media text documents that mention a given topic or term.<\/p>\n

The text documents here refer to a collection of posts\/threads derived from various social media platforms like Reddit, Twitter, Telegram, and 4chan. Note that the metric only cares about whether such posts make at least one mention of the given term, and not exactly how many times they do it.<\/p>\n

This means that even if a thread mentions the topic several times, its contribution to the social volume still remains one unit. The benefit of this restriction is that it provides a better picture about the trend being followed in the whole sector, as only a few posts with a lot of discussion can’t skew the total in their favor this way.<\/p>\n

Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations<\/a><\/div>\n

Now, in the context of the current discussion, cryptocurrency-related talks where users call out to “buy the dip” are of relevance. So, Santiment has taken the social volume of the entire digital asset sector and has then filtered it specifically using terms related to “buy” and “dip.”<\/p>\n

Here is a chart that shows the social volume related to this topic broken down for each of the major social media platforms:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have had a surge a couple of days back | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, right after Bitcoin and the rest of the market had crashed due to the news of SEC suing Binance<\/a> breaking out, the social volume for discussions related to these terms had observed a large spike on Reddit and Twitter.<\/p>\n
This would imply that users had become hyped and had started calling for buying the dip as soon as the price plunge had occurred. As it turned out, however, there wasn’t any price rebound just yet, and BTC rather continued to go down after the market had become excited.<\/p>\n
Related Reading: Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss<\/a><\/div>\n
As the coin continued to move mostly sideways over the next day, though, the discussions related to buying the dip started to die out. That’s when the actual rebound<\/a> in the asset’s price took place, seemingly catching the mainstream crowd off guard.<\/p>\n
Historically, Bitcoin and other assets have usually been more likely to show moves in a direction opposite to the majority’s view. The more lopsided the crowd gets toward one direction, the more probable the market becomes to show the reverse kind of move.<\/p>\n
Because of this reason, the followers of “contrarian investing” believe that it’s best to buy whenever the crowd is fearful and ideal to sell when greed is king in the market. It seems like this Bitcoin rebound would have worked into the favor of these contrarian traders.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $26,600, down 2% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has declined since the recovery above $27,000 | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Data from Santiment suggests that the latest Bitcoin rebound took place after most investors had given up on the idea of it happening. Bitcoin Observes Rebound After “Buy The Dip” Crowd Goes Silent According to data from the on-chain analytics firm Santiment, calls for buying the dip had mostly disappeared right before the actual rebound. The indicator of interest here is the “social volume,” which measures the total number of social media text documents that mention a given topic or term. The text documents here refer to a collection of posts\/threads derived from various social media platforms like Reddit, Twitter, Telegram, and 4chan. Note that the metric only cares about whether such posts make at least one mention of the given term, and not exactly how many times they do it. This means that even if a thread mentions the topic several times, its contribution to the social volume still remains one unit. The benefit of this restriction is that it provides a better picture about the trend being followed in the whole sector, as only a few posts with a lot of discussion can’t skew the total in their favor this way. Related Reading: Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations Now, in the context of the current discussion, cryptocurrency-related talks where users call out to “buy the dip” are of relevance. So, Santiment has taken the social volume of the entire digital asset sector and has then filtered it specifically using terms related to “buy” and “dip.” Here is a chart that shows the social volume related to this topic broken down for each of the major social media platforms: The value of the metric seems to have had a surge a couple of days back | Source: Santiment on Twitter As displayed in the above graph, right after Bitcoin and the rest of the market had crashed due to the news of SEC suing Binance breaking out, the social volume for discussions related to these terms had observed a large spike on Reddit and Twitter. This would imply that users had become hyped and had started calling for buying the dip as soon as the price plunge had occurred. As it turned out, however, there wasn’t any price rebound just yet, and BTC rather continued to go down after the market had become excited. Related Reading: Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss As the coin continued to move mostly sideways over the next day, though, the discussions related to buying the dip started to die out. That’s when the actual rebound in the asset’s price took place, seemingly catching the mainstream crowd off guard. Historically, Bitcoin and other assets have usually been more likely to show moves in a direction opposite to the majority’s view. The more lopsided the crowd gets toward one direction, the more probable the market becomes to show the reverse kind of move. Because of this reason, the followers of “contrarian investing” believe that it’s best to buy whenever the crowd is fearful and ideal to sell when greed is king in the market. It seems like this Bitcoin rebound would have worked into the favor of these contrarian traders. BTC Price At the time of writing, Bitcoin is trading around $26,600, down 2% in the last week. BTC has declined since the recovery above $27,000 | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":536835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88387,86409,1119,1144,57231],"class_list":["post-536809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-contrarians","tag-bitcoin-sentiment","tag-btc","tag-btcusd","tag-santiment"],"acf":[],"yoast_head":"\nBitcoin Contrarians Win As Rebound Occurs Against Crowd Expectations: Santiment<\/title>\n<meta name=\"description\" content=\"Data from Santiment suggests that the latest Bitcoin rebound took place as most of the crowd had given up on the idea of one 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Contrarians Win As Rebound Occurs Against Crowd Expectations: Santiment","url":"http:\/\/uniquehot.com\/news\/bitcoin-contrarians-rebound-crowd-expectations-santiment\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-contrarians-rebound-crowd-expectations-santiment\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-9pCV2MB65y8-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-9pCV2MB65y8-unsplash-2-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin contrarians","bitcoin sentiment","btc","btcusd","santiment"],"dateCreated":"2023-06-07T13:00:20Z","datePublished":"2023-06-07T13:00:20Z","dateModified":"2024-06-11T08:06:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Contrarians Win As Rebound Occurs Against Crowd Expectations: Santiment\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-contrarians-rebound-crowd-expectations-santiment\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-contrarians-rebound-crowd-expectations-santiment\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-9pCV2MB65y8-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/kanchanara-9pCV2MB65y8-unsplash-2-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin contrarians\",\"bitcoin sentiment\",\"btc\",\"btcusd\",\"santiment\"],\"dateCreated\":\"2023-06-07T13:00:20Z\",\"datePublished\":\"2023-06-07T13:00:20Z\",\"dateModified\":\"2024-06-11T08:06:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/kanchanara-9pCV2MB65y8-unsplash-2-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/536809"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=536809"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/536809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/536835"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=536809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=536809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=536809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}