In short
- The odds of Bitcoin falling below $70,000 by the end of May have increased on Polymarket and Myriad.
- However, traders still believe that it will hold this line, and its probability will fall below 26%.
- The fall in Bitcoin prices has led to a boom in ETFs and a surge in crypto prices.
The users of the prediction market think that it is more Bitcoin it will drop below $70,000 before the end of May as the top cryptocurrency continues its weekly slide.
Down 3% in the last 24 hours, Bitcoin recently changed hands at $72,739, hanging 3.9% above the $70,000 mark. Overnight, the price of the leading cryptocurrency by market cap fell to a six-week low of $72,669, according to data from CoinGecko.
This has led to a major shift in Bitcoin price target market at Myriad– a market prediction platform powered by DecryptThe parent company, Dastan, has seen the “under $70,000” opportunity increase more than 240% in the last 24 hours, although it is still 27%.
Sellers on Polymarket offers the same opportunity – 26%-that Bitcoin will fall below $70,000 before the end of May.
Bitcoins slide is made in other stacking crypto liquidationswhich stands at about $924 million in the past 24 hours, $851 million of which are crypto longs, or betting that the price of a crypto asset will rise.
“Partly this is due to the outflow of ETFs, and the outflow of funds,” Arctic Digital analyst said. Decrypt on the fall of Bitcoin earlier on Thursday.
In addition to liquidations, Bitcoin ETFs lost more than $1 billion in the last two days of trading alone, with $733 million exiting trading on Wednesday, according to to data from Farside Investors. More than $2.6 billion has left Bitcoin ETFs during the eight-day losing streak.
However, despite the increasing number of predictions on the price that is about to expire, the odds are not that BTC will fall significantly in the next few days.
For example, the probability of Bitcoin falling below $65,000 at the end of May is only 3% per Myriad.
Removing the constraints of the near term gives a clearer picture. At Polymarket, forecasters make a 54% chance that Bitcoin will break below $55,000 and 42% that it will sell under $50,000 in 2026.
At the beginning of this year, cryptoQuant analyzed the firm called $55,000 the “A bear market” and experts at Standard Chartered said that Bitcoin could fall as low as $50,000 before jumping back to $100,000.
As of now, Bitcoin is more than 42% away from its full value of $126,080.
Daily Debrief A letter
Start each day with top stories right here, including originals, podcasts, videos and more.
