Crypto investor sentiment is at a low as Bitcoin falls below $100,000, with the Fear and Greed index at 22. Over 70% of Polymarket traders expect BTC to drop below $90,000 due to older whales cashing out. Analysts debate if this dip marks the start of a bear market or a chance for new highs in 2026.

Bitcoin dips below its 365-day moving average multiple times in November, trading well below the critical support level. ETF analyst Eric Balchunas denies that heavy outflows from BTC ETFs caused the price decline, with $1 billion in outflows despite October’s $19 billion liquidation event. Galaxy’s Alex Thorn lowers his 2025 BTC price forecast to $120,000 due to leveraged liquidations and investor rotation.

ARK Invest’s Cathie Wood warns that stablecoins are eating into Bitcoin’s market share as they serve as a store of value in emerging economies. Thorn also points to leveraged liquidations in crypto derivatives markets as a factor in the falling asset prices. Magazine: Bitcoin is seen as “funny internet money” during a crisis by Tezos co-founder.

Read more at Cointelegraph: Bitcoin Investor Sentiment Plummets, the Next Bear Market Already Here?