As the Sunday brings unusual volatility into the crypto market and Bitcoin dips below $100K for the first time since 8 May, bettors on Polymarket are now leaning on speculations that it will likely drop below $95K by the end of this month.
The latest data from decentralized prediction platform Polymarket shows that there is a 38% chance for Bitcoin to drop below the $95K price range by June’s end. Traders are now betting more actively on lower targets, with the most altered outcome of $95K seeing 26% chances, followed by 11% for $90K.
Source: Polymarket
While it’s roughly a week on resolving these bets, this marks a renewed interest in lower targets as Bitcoin sees a drastic drop on Sunday evening.
At the time of writing, Bitcoin is hovering near $102K—down 4.38% in the past 7 days. It is trading below all EMA 20/50/100/200, while dipping as low as $98,240 in the latest downtrend—as per market data from TradingView.
Source: CoinMarketCap
The recent drops in Bitcoin and eventually the whole crypto market are attributed to the increased geopolitical tension between Israel and Iran. Moreover, the entrance of the United States into the conflicts has made the situation even more tense.
Also read: Metaplanet Buys the Bitcoin Dip, Total Holdings Reach 11,111 BTC