Bitcoin Sentiment Vote Mirrored September 2024 Trends as BTC Price Tanked Below $85K

In 2024, Bitcoin reached its historical peak because of widespread bullish investor expectations that emerged through the Bitcoin Sentiment Vote chart.

In 2024, Bitcoin (BTC) reached its historical peak as bullish investor expectations were met, which could be seen through the Bitcoin Sentiment Vote chart on CryptoQuant. As the chart shows, Bitcoin’s price soared above $100,000, while the Vote Up sentiment became very strong, reaching high volumes.

However, once Bitcoin reached its peak, the market sentiment about its value started to decline rapidly. The market sentiment shifted to negative when traders and investors began voting down, resulting in lower sentiment values.

The rally started by flashing positive expectations, but darkened with both fear and traders selling to reduce their holdings after reaching its highest point. The price of BTC began a downtrend after hitting its peak, with the crypto settling below $85,000 by March 2025.

The difference in investor feeling is a sign of deepening market reluctance. Especially as sentiment stands equal to what it did during September 2024, right before the bullish period started.

Bitcoin’s sentiment levels mirror September 2024 trends

The Bitcoin Sentiment Vote by CryptoQuant suggested that March 2025 saw the return of sentiment ratios similar to those in September 2024. The measurements during that period showed neutral opinions as the ratio remained close to 4, indicating no clear preference for Vote Up or Vote Down.

The latest market trend highlighted a major decline from the previous all-time high levels above 12 which Bitcoin reached during its peak. These indicators pointed towards a neutral-to-bearish outlook as the “Vote Down” sentiment continued to increase in the 90-day moving average and standard deviation.

The prevailing sentiment among traders aligned with previous market conditions before the rally, suggesting that they remain uncertain about Bitcoin’s upcoming performance. The same situation as before Bitcoin’s previous major upward surge, investors sensed reluctance.

Long-term holders’ selling behavior and its market implications

Finally, the Bitcoin STH/LTH Supply vs. ETF Flows vs. MicroStrategy chart from CryptoQuant highlighted sustained selling pressure from Long-Term Holders (LTH). Although the pace slowed since Bitcoin crossed $100,000, a 30-day LTH supply reduction of 89,738 BTC could be a sign of profit-taking.

The chart’s persistent downtrend in LTH position changes signaled risk-off behavior, consistent with the bearish sentiment observed in the first chart. The continuation of LTH selling, albeit at a slower rate, implied a lack of confidence in an immediate recovery.

This trend further supported the return of sentiment to September 2024 levels, ultimately reinforcing a cautious market outlook. As Bitcoin struggled to regain upward momentum, investor behavior would continue to be closely watched for any indication of a shift in attitude.