Bookies see a nearly 60% chance of bitcoin sliding to $10,000 this year

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Bets by oddmakers indicate they see an increasing likelihood that will sink to $10,000 this year, according to, a betting news and data service. Odds are 8-to-11, or a 57.9% implied probability, that the world’s most traded cryptocurrency will continue to descend to a price not seen since October 2020, said the site, which reviews online sportsbooks in the US, in a notice this week. The $10,000 level would represent a more than 70% drop from bitcoin’s price on Friday, at around $37,310.

“The betting has shifted again, and the odds suggest that a slump below $10,000 now looks more likely than not this year, meaning the cryptocurrency could have further to fall,” it said. The odds of a drop below $10,000 have climbed since mid-April when they were at 4-to-1, or a 20% implied probability. At that time, bitcoin of $64,804.72, coinciding with the trading debut of , the largest cryptocurrency exchange in the US. But since more...