Bitcoin’s price plummeted towards $60,000 last week, and unsurprisingly, investor sentiment plummeted along with it. Well, sentiment has been trending downward for the better part of five months, but what stands out this time is how low Bitcoin’s Fear and Greed Index score has fallen. In fact, the sentiment surrounding the cryptocurrency market has fallen so low that it has reached levels that have only been hit twice in Bitcoin’s history.
Bitcoin fear and greed index crashes to 9
Sentiment has been in a ping-pong state since hitting an all-time high of $126,000 in August 2025, but now it appears to have set its course. The trend is primarily downward, with the index dropping to a low of 9 last week.
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The Bitcoin Fear & Greed Index tracks overall market sentiment using a variety of factors, including social sentiment and volume. So you get a pretty comprehensive picture of how investors feel about the market. The index ranges from 1 to 100, with 100 to 75 being extremely greedy, 74 to 54 being greedy, 53 to 47 being neutral, 46 to 26 being fearful, and 25 to 1 being extremely fearful.
The market is currently in a state of extreme fear, which means investors are cautious about entering the market. But 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.
What’s interesting about these two different posts in history is what followed after emotions were so low. The initial reaction to this seems to be very similar, with a long-term accumulation trend continuing each time. This trend usually lasts for several months. This suggests that the market is taking advantage of this time to gain momentum.
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But like clockwork, the steady uptrend continues, meaning that this kind of consolidation could signal the end of the bear market. This is the beginning of a bull market, with prices often reaching new all-time highs by the following year.
Taking advantage of this trend, Bitcoin price may have reached or is nearing its bottom. In that case, long-term accumulation could be the next course of action, which could inevitably lead to the start of the next bull market. However, as new investors and macro factors begin to influence financial markets, it is important to keep in mind that there are points where Bitcoin deviates from the historical trends it was set on.
Featured image from Dall.E, chart from TradingView.com
