Internet reports that Bitcoin's recent weakness seems to have weakened market enthusiasm, and Google search popularity has dropped to a multi-month low. The latest market sentiment index reflects the typical bear market phase, in which caution dominates the entire crypto market. The Crypto Fear and Greed Index has dropped to 24, at the "Fear" level, its lowest point in the past year, and a sharp drop from 71 last week. The decline is similar to the sentiment when Bitcoin briefly fell below $74,000 in April this year, and also echoed the market fatigue cycle in 2018 and 2022. Despite the sharp drop in sentiment, Bitwise analysts believe the current situation is more suitable for a "bargain hunting" rather than a retreat. André Dragosch, the company's research director, senior researcher Max Shannon and research analyst Ayush Tripathi said that recent adjustments are mainly driven by external factors. Historically, this extreme sentiment has often boded a good opportunity to enter before strengthening.