Bitcoin’s Market Dynamics

Bitcoin hit its historical peak due to widespread bullish investor expectations, reaching over $100,000 in early 2024. The price began a downtrend soon after, falling below $85,000 by March 2025.

Investor Sentiment Shifts

The rise was marked by positive sentiment as reflected in the Bitcoin Sentiment Vote chart. However, as the prices peaked, market sentiment rapidly declined. Traders and investors began to vote down, indicating growing reluctance and fear in the market.

Comparison to September 2024

Sentiment levels in March 2025 mirrored those of September 2024, which indicated neutrality and uncertainty. At this time, Bitcoin sentiment ratios remained close to 4, signaling hesitation among traders, compared to a high of over 12 during its peak.

Long-Term Holder Behavior

Analysis of the STH/LTH Supply vs. ETF Flows indicated continued selling pressure from Long-Term Holders (LTH), with 89,738 BTC liquidated in 30 days. Although selling slowed after reaching $100,000, this behavior forecasted a lack of confidence in Bitcoin’s near-future recovery.

The prevailing sentiment indicated a cautious outlook, suggesting that investor behavior remains influenced by a combination of fear and uncertainty regarding Bitcoin’s trajectory.