As Bitcoin maintains above $90,000, signs of improvement in the crypto market sentiment are beginning to emerge, with the market attitude now stronger than when Bitcoin traded above $100,000 earlier this month.
The Crypto Fear and Greed Index (which measures overall crypto sentiment) recorded an "extreme fear" reading of 25 on Friday, up 3 points from the previous day and nearly 10 points higher than on November 13, the last time Bitcoin traded above $100,000 before falling below six figures.
According to CoinMarketCap, at the time of writing, Bitcoin is priced at $91,032, and crypto analysts are debating when Bitcoin will return to $100,000.
Crypto analyst Ted posted on X on Thursday that if Bitcoin returns to $93,000 or $94,000, "I think Bitcoin might first touch $100,000 before any pullback occurs."
Meanwhile, the crypto sentiment platform Santiment reported on Wednesday that the recent rise in bearish sentiment on social media has historically often signaled positive momentum in the crypto market.
"Most major turning points occur when retail hopes are essentially lost," Santiment stated. "The market has always been contrary to the expectations of the masses."
Even some typically bullish crypto executives are beginning to adjust their expectations in the current market. On Thursday, BitMine Chairman Tom Lee seemed to temper his bullish prediction of Bitcoin reaching $250,000 by the end of the year, which he has promoted for most of this year.
Instead, Lee stated that he still believes Bitcoin can return to $100,000 and "maybe" set a new all-time high above the current peak of $125,100.
Crypto trader Jelle remarked, "After experiencing a series of slow bleed pullbacks, I think almost everyone was caught off guard by this sell-off."
The market has now entered December—a month that has historically been relatively mild for Bitcoin.
According to CoinGlass, the average return for December since 2013 has been 4.75%.
However, with October and November—traditionally one of the strongest months for Bitcoin—failing to meet expectations this year, some market participants are beginning to question whether December will also deviate from historical trends.
Related: As Bitcoin (BTC) returns to $90,000, BlackRock ETF investors regain profitability
Original article: “Crypto Market Sentiment Recovers, Returning to Levels Last Seen When Bitcoin (BTC) Broke $100,000”
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