Oddsmakers Give 60% Chance That Bitcoin Will Fall to $10,000 this Year

[Btceth01]

Bad news, Bitcoin fans! American bookmakers US-Bookies.com have given 8/11 (or 57.9%) odds that the world’s most popular cryptocurrency will fall to $10,000 this year. The last time Bitcoin’s price was that low was October 2, 2020, when the price reached $10,416.Given that, back in April, US-Bookies.com was giving 4-to-1 odds (or 20%) that Bitcoin would hit $10k, today’s odds look dismal. The massive shift over the two months indicates a growing unease about the number one cryptocurrency by market capitalization. Since October 2020, Bitcoin’s been on a historic bull run, setting an eye-watering all-time high of $64.8k just two months ago. Growing institutional adoption from Tesla, SkyBridge Capital and MicroStrategy fuelled a speculative frenzy, which has since cooled off. Today Bitcoin sits back down at $35.2k after suffering the worst crash in its twelve years of existence last month. This was largely thanks to bearish news from China—Chinese payments associations reiterated their support for central bank’s 2017 ban on crypto transactions—alongside growing concerns about Bitcoin’s environmental impact. These concerns were voiced loudest by Tesla CEO and $1.5 billion Bitcoin HODLer, Elon Musk.Source