Last week, Bitcoin saw its price hit $60,000, and naturally, investor sentiment went down with it. Now, while sentiment has been down for five months, what stands out this time around is how low the Bitcoin Fear & Greed Index has fallen. In fact, the sentiment surrounding the crypto market has dropped to such an extent that it has only been hit twice in Bitcoin’s history.
The Bitcoin Fear and Greed Index fell to 9
After reaching $126,000 in August 2025, the sentiment ping-ponged, but now it seems to have set a direction. The trend is mostly down, and after last week, the index dropped to 9.
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The Wikipedia Fear and Greed Index tracks sentiment in the market using a number of factors such as social sentiment and volume, among others. Thus, it gives a very comprehensive view of how investors feel about the market. The index ranges from 1-100, with 100-75 – extreme greed, 74-54 – greed, 53-47 – neutral, 46-26 – fear and 25-1 – extreme fear.
At the moment, the market is in a state of extreme fear, which means that investors are wary of entering the market. More importantly, the last two times market sentiment was this low was the 2018-2019 bear market and then the 2022 FTX crypto exchange crash.
The interesting thing about these two different messages in history is that after the sentiment has been so low. The initial reaction seems to be very similar to this one, with a long-term tendency to accumulate each time. Usually, this trend lasts for several months and indicates that the market is using this time to gain momentum.
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However, like clockwork, there has been a steady upward movement, which means that the sentiment of this low may signal the end of the bear market. This then leads to the beginning of a bear market, and in the following year, the price often reaches new highs.
Using this trend, it is possible that the price of Bitcoin has reached or is close to its bottom. In this case, a long accumulation period may be the next course of action, and this may inevitably lead to the start of the next bull market. However, it should be remembered that Bitcoin points have deviated from their historical trend as new investors and macro factors affect the financial markets.
Featured image from Dall.E, chart from TradingView.com
