Cryptocurrency bettors are raising the possibility of Bitcoin (CRYPTO: BTC) diving below $50,000 this year as sentiment toward the leading digital asset continues to deteriorate.
Bookmakers Turn Bearish On BTC
As of this writing, Polygon (CRYPTO: POL)-based Polymarket assigned a 53% chance of Bitcoin sliding below the key milestone, up from 44% the day before, and 28% last week.
Bearish expectations intensified overall, with the odds of Bitcoin falling below $45,000 rising to 38%, while the probability of a move below $55,000 jumping to 66%.
Nearly $40 million has been wagered on the outcome, making it one of the most keenly watched bets on Polymarket.
Bitcoin Struggles After High-Profile Exits
The jump in odds coincided with fresh turmoil in the Bitcoin market, with the leading cryptocurrency plunging below $65,000 for the first time in over two months. The asset has collapsed by more than 47% from its all-time high.
Blockchain analytics firm CryptoQuant highlighted Bitcoin’s supply in loss at 40%—a threshold just below levels that have historically marked “deep bear market bottoms—leaving room for further declines.
Market sentiment has taken a hit following high-profile sell-offs by celebrity investor Mark Cuban and, more recently, Strategy Inc. (NASDAQ:MSTR), the world’s largest corporate holder of Bitcoin.
Renowned investor Ross Gerber, once a vocal advocate of Bitcoin, said that the cryptocurrency has “lost its narrative,” while praising gold for its consistency as a stable asset.
Price Action: At the time of writing, BTC was exchanging hands at $67,294.43, down 4.17% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Arsenii Palivoda on Shutterstock.com
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