Prediction markets show 77% odds for Bitcoin hitting $55,000 and 88% for Ethereum falling to $1,500 before rebounds.
Prediction market traders are pricing in deeper declines for Bitcoin and Ethereum, with 77% odds BTC will fall to $55,000 before recovering to $80,000. Ethereum faces an 88% probability of dropping to $1,500 ahead of a potential rise to $3,000. The bearish sentiment has intensified over the past month, with Bitcoin’s odds of hitting $55,000 surging 44% on the Myriad platform.
Bitcoin has already declined 23% over the last month, trading at $59,511 after dipping near $58,000 earlier Thursday. Ethereum has mirrored the downturn, reflecting broader market weakness. Strategy (MSTR), a key Bitcoin treasury firm, saw its shares drop nearly 7% Thursday to $88, extending a 45% monthly decline.
The sell-off in crypto assets aligns with broader risk aversion in traditional markets, though no immediate catalyst for the downturn has been identified. Traders remain focused on near-term support levels as volatility persists.