Polymarket users see a 75% chance Bitcoin will fall below $55,000, with total bets reaching $1.2 million amid market declines.
Seventy-five percent of users on the prediction platform Polymarket are betting that Bitcoin's price will fall to $55,000, with total wagers reaching $1.2 million.
Further predictions suggest a 62% chance of Bitcoin dropping below $50,000 and a 47% probability of falling to $45,000, with trading volumes for these contracts at $173,473 and $1.4 million, respectively.
Bitcoin's price recently dipped below $65,000 on February 23, and it currently trades at $66,223, reflecting a 2.6% decline in the last 24 hours.
The cryptocurrency's market capitalization has decreased to $1.32 trillion, placing it 14th among the largest global corporations. Since the start of the year, Bitcoin has lost approximately $440 billion, or 25%, while the overall cryptocurrency market cap has fallen by about $760 billion, or 24.5%.
Standard Chartered analysts predict Bitcoin could plummet to $50,000 before potentially rebounding to $100,000. CryptoQuant analysts have identified the $55,000 level as a significant market bottom.
Pierre Rochard, Vice President of Riot Platforms, described Bitcoin as "the most undervalued asset in the world." In a recent survey by Coinbase, 70% of institutional investors echoed this sentiment, believing Bitcoin's true value should be between $85,000 and $95,000 when compared to precious metals and stocks.
Moreover, analysts at K33 Research indicated that Bitcoin's drop to $60,000 on February 6 marked a local bottom, suggesting a potential consolidation phase ahead.
