Bitcoin (CRYPTO: BTC) has a 52% chance of falling below $100,000 this month, according to data from prediction platform Polymarket.
Bitcoin’s price has been on a downward trend, returning to levels unseen in months. Polymarket’s data reveals a growing belief among traders that Bitcoin could be on the brink of a major correction.
The bearish prediction has sparked discussions across the crypto community, with the data also showing a 39% surge in bearish sentiment.
As per data, Bitcoin’s price has shown no signs of recovery, with bulls exiting the market amid increasing uncertainties.
Also Read: Bitcoin Soars To Unprecedented Heights, Breaking $125,000 Barrier
Earlier in October, Bitcoin had hit a new all-time high of $126,198, but it failed to maintain its bullish momentum into the second week of the month. The market flipped bearish following a significant crash on October 10.
Despite the discouraging price trend, institutional investors like Michael Saylor's Strategy continue to accumulate Bitcoin, albeit at a reduced volume due to the declining price trend.
Analysts warn that if Bitcoin breaks below the $100,000 level, it could trigger further liquidations, adding more selling pressure to an already fragile market.
At the time of writing, Bitcoin was trading at $106,969.04, down by almost 5% in the last seven days.
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