Bitcoin Sentiment Hits Extreme Greed, Highest Since March 2024

Highlights:

• Bitcoin sentiment jumped into extreme greed, reaching its strongest level since March 2024 after the latest rally.
• Investor enthusiasm has climbed sharply, with the market showing its most bullish mood in nearly two years.
• That excitement is now cooling as Bitcoin struggles to hold recent gains and stay above key support.

Bitcoin (BTC) market sentiment has reached its most bullish level in about two years, with a key investor sentiment index climbing above 89 out of 100. The reading signals extreme greed after Bitcoin’s recent rally brought optimism back across the market.

CryptoQuant analyst Darkfost shared the data on X on September 12, saying similar bullish sentiment was last seen in March 2024. According to the analyst, the latest Bitcoin rally created the strongest wave of investor enthusiasm seen over the past two years. “The last time we saw such a bullish market sentiment was in March 2024,” Darkfost said. “This Bitcoin rally has sparked the strongest investor enthusiasm in the past two years.”

The last time we saw such a bullish market sentiment was in March 2024.

This Bitcoin rally has sparked the strongest investor enthusiasm in the past two years.

This market sentiment index managed to reach a score above 89 out of 100, a value of extreme greed.

— 💡This index,… pic.twitter.com/Mv5SmDSLgz

— Darkfost (@Darkfost_Coc) September 12, 2026

Bitcoin was trading around $77,362 at the time of writing, up roughly 0.4% over the previous 24 hours. The cryptocurrency remains about 39% below its all-time high of $126,198, reached on October 6.

Bitcoin Sentiment Enters Extreme Greed

Darkfost explained that the sentiment indicator does not work exactly like the popular Crypto Fear & Greed Index, although Fear & Greed is one of several components included in it. The indicator moves between +100 and -100. Readings toward +100 represent stronger greed and bullish sentiment, while negative readings reflect growing fear.

Bitcoin’s move above 89 therefore placed market sentiment firmly in extreme greed territory. According to Darkfost, sentiment indicators tend to provide less useful information during long bear markets because they can remain negative for extended periods. They become more interesting when market conditions improve, and readings move toward extreme levels.

Very high or very low sentiment can sometimes appear near market turning points. For that reason, traders often watch extreme readings alongside BTC price action rather than treating them as direct buy or sell signals.

Bitcoin Euphoria Is Already Cooling

Despite the strong reading, Darkfost said Bitcoin sentiment has already started moving back toward more normal levels following the recent burst of euphoria. The change comes after Bitcoin briefly approached $80,000 before giving back part of the move.

Crypto analyst Ted said on September 12 that BTC had returned to around its 50-week exponential moving average near $77,500. He added that a break below $77,000 could expose the $72,000 to $73,000 area. However, the main shift remains in investor psychology. Bitcoin’s latest rally pushed optimism to levels not seen since March 2024, showing how quickly sentiment changed after the market’s recent recovery.

$BTC almost pumped to $80,000 yesterday.

But it's now back to $77,500, which is the 50W EMA level.

If sellers manage to push Bitcoin below $77,000 here, it could cause a dump to $72,000-$73,000. pic.twitter.com/BdYp64uNT3

— Ted (@TedPillows) September 12, 2026

Bitcoin’s extreme optimism is starting to fade as the price struggles to hold its recent momentum. A similar cooling trend has appeared in U.S. spot Bitcoin ETFs. The funds attracted $730.8 million on September 3 and another $174.6 million the following day. However, investors pulled about $449.5 million from the ETFs between September 8 and September 10, showing that institutional demand also weakened as Bitcoin lost momentum.