Bitcoin has continued to fail in its recent attempts to break out from its current price level and this has triggered fear among speculative traders.
With Bitcoin remaining consistently in the red territory for the past days, the latest forecast from crypto prediction platform Kalshi shows that Bitcoin now has more chances of dropping below the $50,000 mark.
Bitcoin to face major bearish scenario
While Bitcoin has maintained its dominance in the crypto market, it bears the major weight of the bearish sentiments facing the broader market.
As such, the prolonged volatility the crypto market is currently experiencing has increasingly stirred fear among Bitcoin traders and investors’ confidence continues to weaken.
Amid the bearish momentum, predictions provided by Kalshi show that the odds of Bitcoin’s price falling below $50,000 have increased to 50%.
This means that the possibility of Bitcoin retreating below $50,000 is equal to the possibility of the asset surviving the bearish scenario.
Notably, the prediction shows that market fear is currently on the rise as Bitcoin continues to see steady daily price declines amid the sustained market weakness.
Bitcoin large holders make grand exit
While the demand for Bitcoin has fallen significantly, it appears that institutions are also taking precautions and they are increasingly exiting their positions.
The growing withdrawals from institutional investors are evident in the steady outflows the Bitcoin ETFs have continued to record each day since the past week.
Amid this fading interest, Bitcoin has once again slumped below $75,000, following a price decrease of 2.99% over the last 24 hours.
If the bearish momentum persists, the odds of Bitcoin falling below $50,000 before the year runs out may continue to increase.
