Bitcoin Market Sentiment Hits Extreme Pessimism Levels

Bitcoin market sentiment has reached extreme pessimism levels, worse than during the FTX collapse and COVID-19 pandemic. According to analyst Michaël van de Poppe, this could be a sign that the Bitcoin bottom is near.

Van de Poppe notes that when most participants are convinced that 'it's all over' and they need to exit risk, the market often starts looking for support, which can lead to a reversal. He also believes that investors should look beyond a single Fed meeting or rate dynamics in the next quarter, but rather question whether authorities will stop spending money they do not have.

The analyst considers current price movement weak and sluggish, with BTC possibly taking liquidity below $61,000 before trying to turn upward again. Van de Poppe emphasizes that widespread pessimism does not look like a reason to panic, but as a possible accumulation phase before a reversal.