Data shows social media users had become overly excited about Bitcoin after the recent rally, which may be why BTC has retraced.
Bitcoin Topped Out As Hype Around The Coin Shot Up
According to data from the analytics firm Santiment, crowd sentiment around BTC has noted a sharp surge recently. The indicator of relevance here is the “Positive vs. Negative Sentiment Ratio,” which keeps track of the difference between the positive and negative comments related to Bitcoin that are being made on social media platforms.
The indicator separates posts related to negative and positive sentiments by putting them through a machine-learning model devised by the analytics firm.
When the value of this metric is greater than 0, it means the social media users are participating in more positive talks than negative ones. On the other hand, it being under this threshold suggests the dominance of bearish sentiment on these platforms.
Now, here is a chart that shows what the Positive vs. N
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