Bitcoin Faces Bearish August as Traders Price in an 80% Chance of a Dip
- Polymarket users are betting on an 80% probability of the Bitcoin price dropping to $111,000 this month
- On-chain data shows waning demand from spot BTC ETFs, with a net outflow of $1.34B in August
- Selling from short-term Bitcoin holders has increased, adding to the bearish market pressure
Polymarket users are betting on a higher chance that the Bitcoin (BTC) price will continue in a mid-term falling trend.
As of Wednesday, traders have put more capital behind a continued BTC price drop in August compared to bets on a rebound toward a new all-time high.
Traders Bet on 80% Chance of a Drop to $111K
On the market for the question “What price will Bitcoin hit in August?”, traders have pushed the probability of BTC dropping to $111,000 to 80%.
In contrast, a separate market shows traders believe there is only a 29% chance of the price rallying to $125,000 this month, highlighting the current bearish mood.
Related: PlanB’s Bitcoin Model Shows Path to $500K After Record $115K July Close
Why Are Traders So Bearish on Bitcoin?
This sentiment follows Bitcoin’s struggle to regain momentum after hitting its all-time high of around $122,838 on July 14…
The post Bitcoin Faces Bearish August as Traders Price in an 80% Chance of a Dip appeared first on Coin Edition.
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Bitcoin (BTC) Price Prediction for August 6
Bitcoin Faces Bearish August as Traders Price in an 80% Chance of a Dip
- Polymarket users are betting on an 80% probability of the Bitcoin price dropping to $111,000 this month
- On-chain data shows waning demand from spot BTC ETFs, with a net outflow of $1.34B in August
- Selling from short-term Bitcoin holders has increased, adding to the bearish market pressure
Polymarket users are betting on a higher chance that the Bitcoin (BTC) price will continue in a mid-term falling trend.
As of Wednesday, traders have put more capital behind a continued BTC price drop in August compared to bets on a rebound toward a new all-time high.
Traders Bet on 80% Chance of a Drop to $111K
On the market for the question “What price will Bitcoin hit in August?”, traders have pushed the probability of BTC dropping to $111,000 to 80%.
In contrast, a separate market shows traders believe there is only a 29% chance of the price rallying to $125,000 this month, highlighting the current bearish mood.
Related: PlanB’s Bitcoin Model Shows Path to $500K After Record $115K July Close
Why Are Traders So Bearish on Bitcoin?
This sentiment follows Bitcoin’s struggle to regain momentum after hitting its all-time high of around $122,838 on July 14…
The post Bitcoin Faces Bearish August as Traders Price in an 80% Chance of a Dip appeared first on Coin Edition.
Read More
Bitcoin (BTC) Price Prediction for August 7