Sentiment in the crypto market is starting to show signs of improvement, as Bitcoin is holding above $90,000 and the sentiment towards the market is now stronger than it was earlier this month when Bitcoin was trading above $100,000.
Crypto fear and greed Indexwhich measures overall crypto sentiment, posted an “Extreme Fear” reading of 25 on Friday, up three points from the previous day and up nearly 10 points from Nov. 13, which was the last time Bitcoin (BTC) traded above $100,000 before falling below six figures.
Bitcoin was trading at $91,032 at the time of publication, according to for CoinMarketCap, with crypto analysts debating how quickly Bitcoin could return to $100,000.
Crypto sentiment shows recent volatility
Crypto Analyst Ted he said in X’s Thursday post, if Bitcoin regains $93,000 or $94,000, “I think 100,000 BTC could happen first before any decline.”
Meanwhile, crypto sentiment platform Santiment he said in a report on Wednesday that the recent rise in bearish sentiment on social media has historically signaled positive momentum for the crypto market.
“Most big changes happen when retail hope is largely lost,” Santiment said. “Markets have historically moved in the opposite direction of audience expectations.”
Even some prominent, typically bullish, crypto executives are starting to moderate their views on the current market. On Thursday, BitMine President Tom Lee appeared to tone down his optimistic forecast that Bitcoin would reach $250,000 by the end of the year, which he has been promoting for most of the year.
Instead, Lee said he remains confident Bitcoin could recover $100,000 and “maybe” set a new all-time high above the current peak of $125,100.
Will December be different this time?
Crypto trader Jelle he said that “after a bunch of slow corrections, I think the selloff caught almost everyone off guard.”
Related: Bitcoin Sees ‘Significant Step Forward’ With BTC Price Target Restored at $97K
The market is now entering December, a month that has historically been relatively mild for Bitcoin.
Since 2013, the month of December has recorded an average return of 4.75%, according to on CoinGlass.
However, since October and November, traditionally among Bitcoin’s strongest months, fell short of expectations this year, some market participants are now wondering if December will also deviate from historical trends.
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