Bitcoin saw its price drop towards $60,000 last week, and investor sentiment naturally fell with it. Although sentiment has been declining for more than five months, this time it is striking how low the score on the Bitcoin Fear & Greed Index has become. In fact, sentiment around the crypto market has fallen so low that it has reached a point that has only been hit twice in Bitcoin’s history.
Bitcoin Fear & Greed Index Crashes to 9
Sentiment has been ping-ponging since hitting an all-time high of $126,000 in August 2025, but now it appears to have settled on a direction. The trend has been mainly downward and last week the index fell to a low of 9.
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The Bitcoin Fear and Greed Index tracks sentiment across the market using a number of factors including social sentiment and volume, among others. So it gives a pretty comprehensive picture of how investors feel about the market. The index ranges from 1-100, with 100-75 being extreme greed, 74-54 greed, 53-47 neutral, 46-26 fear and 25-1 extreme fear.
Currently, the market is in extreme fear, which means investors are reluctant to enter the market. More importantly, the last two times market sentiment was this low were the 2018-2019 bear market and then the 2022 FTX crypto exchange crash.
What’s interesting about these two different messages in history is what followed after sentiment fell so low. The initial reaction to this seems to be very similar, with a long accumulation trend each time. Typically, this trend lasts a few months, indicating that the market is using this time to build momentum.
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However, like clockwork, there has been a steady upward movement, meaning this low sentiment could mark the end of the bear market. This then leads to the start of the bear market, and the following year the price often reaches new all-time highs.
If you use this trend, the Bitcoin price is likely to rise has reached or almost reached the bottom. In that case, a long period of accumulation could be the next step, and this could inevitably lead to the start of the next bull market. However, it is important to keep in mind that there have been points where Bitcoin has deviated from its established historical trend as new investors and macro factors begin to influence the financial markets.
Featured image of Dall.E, chart from TradingView.com