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
Raydium (RAY) Price Prediction for August 11
Hyperliquid (HYPE) Price Prediction for August 11
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
Raydium (RAY) Price Prediction for August 11