Bitcoin traders are increasingly expressing skepticism regarding the cryptocurrency’s potential for a near-term rebound. Recent data from Myriad, a prediction market platform operated by Decrypt’s parent company, indicates that users now estimate a 53% likelihood that Bitcoin will decline to $55,000 rather than rising toward its previous high of $84,000. This contrasts sharply with predictions made just a day earlier, when users assessed the chances of an upward movement at 62%.
The shift in sentiment comes during a significant downturn for Bitcoin, which has seen its value plummet more than 5% within the last 24 hours and is currently trading around $67,312. Over the past week, Bitcoin has suffered a more substantial decline, with total losses exceeding 12%.
Several negative catalysts appear to be contributing to this downward trend. Notably, Strategy, a leading Bitcoin treasury firm, recently sold 32 BTC, equating to roughly $2.5 million. This marked the company’s first sale since 2022, after it accumulated a hefty $57 billion in Bitcoin assets. Analysts had previously cautioned that such a sale could alter market perceptions and erode confidence in the cryptocurrency, a warning that has now proven valid.
Additionally, the Bitcoin exchange-traded funds (ETFs) in the U.S. are facing a significant outflow, now at an 11-day decline. During this period, over $3.4 billion has exited these products, leading to a net negative flow for Bitcoin ETFs for the year, indicating that more capital has left these investment vehicles than has entered.
Compounding the negative market environment, nearly $600 million in Bitcoin long positions—speculations that the asset’s price would rise—were liquidated within the last day, as reported by CoinGlass. The current trading price of Bitcoin marks the first time it has dipped below the $68,000 threshold since April 5. At this level, Bitcoin is now about 46% below its all-time high of $126,080. The combination of sell-offs, ETF outflows, and liquidations has left traders with fewer reasons for optimism in the near future.
