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Bitcoin (CRYPTO: BTC) has a more than 70% chance of falling below $100,000 this month if cryptocurrency bettors are to be believed.
The odds of BTC sinking below $100,000 were 71% on Polymarket, up from 57% the day before.
Cryptocurrency punters lowered the chances of the apex cryptocurrency surpassing $115,000 this month from 53% 40%, while the chances of it exceeding $120,000 were cut to 20%
Nearly $5 million have already been wagered on the outcome, with Binance being the resolution source.
Note that U.S. residents are currently barred from using Polymarket, but it is expected to start operations in the near future.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
The drop in expectations coincides with Bitcoin’s unabated decline, with the top cryptocurrency falling below $104,000 early Tuesday.
Over $400 million was liquidated from the Bitcoin derivatives market in the last 24 hours, according to Coinglass, with bullish longs accounting for $387 million.
Popular cryptocurrency analyst Willy Woo weighed in on the market dynamics, suggesting that long-term BTC holders —those who've held their coins for over five months — are starting to transfer them to new investors. They argued that this pattern is characteristic of a bull market and not something investors should be concerned about.
Price Action: At the time of writing, BTC was exchanging hands at $103,859.32, down 3.25% in the last 24 hours, according to data from Benzinga Pro.
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