Crypto market sentiment is starting to improve as Bitcoin holds above $90,000, with optimism now stronger than it was earlier this month when the asset was trading above $100,000.
The Crypto Fear & Greed Index — which tracks overall market sentiment — registered an “Extreme Fear” score of 25 on Friday, up three points from the previous day and nearly 10 points higher than on Nov. 13, the last time Bitcoin traded above $100,000 before slipping below six figures.
At the time of publication, Bitcoin is priced at $91,032, according to CoinMarketCap, with analysts debating how soon the cryptocurrency could reclaim the $100,000 mark.
Crypto sentiment sees recent volatility
Crypto analyst Ted said in an X post on Thursday that if Bitcoin can regain the $93,000–$94,000 range, “$100,000 BTC could happen first before any downside.”
Meanwhile, analytics platform Santiment noted in a Wednesday report that the recent rise in bearish sentiment across social media has historically signaled upcoming positive momentum for the crypto market.
“Most major market turnarounds happen when retail investors have largely lost hope,” Santiment said. “Historically, markets tend to move against the crowd’s expectations.”
Even some typically bullish crypto executives are tempering their outlook in the current environment. On Thursday, BitMine chair Tom Lee moderated his previously aggressive forecast that Bitcoin would hit $250,000 by year-end. Instead, he said he still expects Bitcoin could reclaim $100,000 and “maybe” set a new all-time high above its current peak of $125,100.
Will December buck the trend?
Crypto trader Jelle noted that “after a series of slow-bleed corrections, almost everyone was caught off guard by the sell-off.”
The market is now entering December, a month that has historically been relatively mild for Bitcoin. Since 2013, December has delivered an average return of 4.75%, according to CoinGlass.
However, with October and November — traditionally among Bitcoin’s strongest months — underperforming this year, some analysts are questioning whether December will follow historical patterns or continue the unexpected trend.
