Crypto market sentiment is starting to show signs of improvement, with Bitcoin trading above $90,000, with stronger attitudes towards the market than earlier this month, when Bitcoin was trading above $100,000.
The Crypto Fear & Greed Index, which measures overall cryptocurrency sentiment, hit an “extreme fear” reading of 25 on Friday, up three points from the previous day and nearly 10 points higher than on Nov. 13, when Bitcoin (BTC) last traded above $100,000 before falling below six digits.
According to CoinMarketCap, Bitcoin is trading at $91,032 at the time of publication, and crypto analysts are debating how quickly Bitcoin can regain $100,000.
Cryptocurrency sentiment has been volatile lately
Crypto analyst Ted said on Thursday’s X Post that if Bitcoin gets back to $93,000 or $94,000, “I think we could see $100,000 BTC first before it goes down.”
Meanwhile, crypto sentiment platform Santiment said in a report on Wednesday that the recent rise in bearish sentiment across social media historically indicates positive momentum for the crypto market.
Bitcoin has fallen 18.94% in the past 30 days. sauce: coin market cap
“Most of the big turnarounds happen primarily when retail hopes are lost,” Santimento said. “Markets have historically moved in the opposite direction of crowd expectations.”
Even prominent and usually bullish crypto executives are starting to weaken their outlook on the current market. On Thursday, Bitmine Chairman Tom Lee appeared to ease his bullish prediction that Bitcoin would reach $250,000 by the end of the year, a prediction he has promoted for most of this year.
Instead, Lee said he remains confident that Bitcoin can regain $100,000 and “maybe” set a new all-time high above its current high of $125,100.
Will this December be different?
“After a series of gradual corrections, I think almost everyone was caught off guard by the decline,” said crypto trader Jere.
Related: $97,000 BTC price target back, sees Bitcoin as ‘huge step forward’
The market is now in December, which has historically been a relatively quiet month for Bitcoin.
Since 2013, the average return in December has been 4.75%, according to CoinGlass.
However, October and November, traditionally Bitcoin’s strongest months, have fallen short of expectations this year, and some market participants are now wondering if December will also break from historical trends.
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