Bitcoin, Ethereum Traders Show Optimism Despite 'Extreme Fear' in Crypto
Crypto traders are showing increased short-term optimism for Bitcoin and Ethereum price moves, as prediction market data indicate rising expectations for a rebound. On Myriad, odds have shifted more than 20% favoring a jump in Bitcoin to $84,000 before a drop to $55,000, tracking Bitcoin’s rise from under $63,000 to over $69,000 this week. Despite this, a fall to $55,000 still holds a 56% probability. Ethereum experienced a similar swing, surging from $1,815 to above $2,100, with prediction markets now favoring a move to $3,000; the odds of a decline to $1,500 have decreased to 63%. Nonetheless, the Crypto Fear & Greed Index remains in “Extreme Fear” territory. On Kalshi, predicted probabilities for large drops in both Bitcoin and Ethereum fell by 10% over the past week. Despite the optimism, analysts warn of pending declines before substantial recoveries, targeting Bitcoin at $50,000-$55,000 and Ethereum at $1,400. The likelihood of new all-time highs by 2026 remains low, with only 19% odds for either asset.
