Bitcoin Sentiment Slides as Year-End Slump Hits $93K Mark

Crypto News Cryptocurrencies

Bitcoin's Market Sentiment Slides as Year-End Slump Hits $93,000 Mark

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 31, 2024

Key Takeaways

Bitcoin’s market sentiment index fell to 65, its lowest since October, as prices dropped 13.7% in 12 days;
Fear & Greed Index dropped after peaking at 94 in November during political optimism;
A seasoned crypto trader suggests Bitcoin may follow a "Hump Slump Bump Dump Pump" price pattern.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Bitcoin's Market Sentiment Slides as Year-End Slump Hits $93,000 Mark

BITDEGREE IN YOUR SOCIAL FEED

Bitcoin's BTC $87,071.93 market sentiment has dipped to levels last seen in October, according to BitDegree's Crypto Fear & Greed Index.

This tool, which measures market attitudes toward Bitcoin and other cryptocurrencies, scored 65 on December 30. While still in the “greed” range, the figure marks a decline from the highs seen earlier this year.

The index uses a variety of factors to gauge market sentiment, including market volatility, market momentum, social media, and Bitcoin dominance.

What is a Crypto Mining Pool? Is it Worth it? (Beginner-Friendly)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

Bitcoin's price currently sits near $93,000, marking a 13.7% drop over the past 12 days, while many traders have shifted their holdings into stablecoins.

Seasoned trader Peter Brandt recently shared his view on potential Bitcoin price movements. On December 28, he described a possible “Hump Slump Bump Dump Pump” pattern, which outlines an initial price rise, followed by a drop, a partial recovery, another decline, and finally a rebound.

The Fear & Greed Index had stayed above 70 throughout November and December, boosted by political developments in the United States.

President-elect Donald Trump’s victory, along with the success of several pro-crypto candidates in Congress, created optimism among investors. This enthusiasm peaked on November 22 when the index reached 94.

As Bitcoin's market sentiment drops, Ethereum's long-term investors saw a notable increase in 2024. What does the growth mean for Ethereum? Read the full story.