According to Michaël van de Poppe, the current bearish sentiment in the crypto markets has reached levels comparable to the 2008 financial crisis. This extreme bearishness is typically indicative of a market bottom, rather than the start of a bear market. Historical data shows that bear markets generally begin when market sentiment is complacent, not when it is overly pessimistic (source: @CryptoMichNL). Traders should consider this when strategizing their market entry and exit points.