Haciyev Reşit 
The prolonged negative sentiment in the crypto markets is finally showing early signs of recovery. The Crypto Fear & Greed Index has risen from the “Extreme Fear” zone where it remained for 18 consecutive days to “Fear,” reaching 28 points on Saturday. This is considered one of the strongest indicators that market sentiment is beginning to move away from bottom levels.
Crypto analysts emphasize that periods spent in the extreme fear zone often align with market bottoms. On November 15, analyst Matthew Hyland noted that the current cycle had reached its “most extreme fear level,” typically signaling a major reversal region. Similarly, trader Nicola Duke highlighted that historically, extreme fear levels have frequently marked “local bottoms” for Bitcoin, underscoring the critical nature of current sentiment levels.
Bullish Signals for Bitcoin
Recent data from on-chain analytics platform Santiment supports the recovery narrative. After Bitcoin’s move toward the $92,000 range, the platform stated that social sentiment around BTC has become “generally more bullish.” Discussions among users have shifted toward ETF inflows, institutional buying, and short-term indicators driving market direction. This shows that the sentiment shift is driven not only by price movement but also by fundamental developments.
Market Not Fully Comfortable Yet
Despite improving sentiment, investor behavior remains cautious. CoinMarketCap’s Altcoin Season Index currently sits at: 22 out of 100. This confirms that the market is still firmly in a “Bitcoin Season.” This structure indicates that while investors are not completely risk-off, capital is still concentrated in BTC rather than flowing strongly into altcoins.
Macro Uncertainty Still Creates Pressure
Market experts say that fluctuations in labor market data and recession expectations are contributing to cautious investor behavior. According to André Dragosch, Head of Research at Bitwise Europe, Bitcoin’s current price does not fully align with concerns about the U.S. economy—creating a disconnect that leaves the market vulnerable. Therefore, although sentiment is improving, there is still no “aggressive appetite for risk” across the crypto market.
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