Bitcoin Traders Increasingly Convinced Price Will Fall Below $70K by End of May
Prediction market users increasingly expect Bitcoin to fall below $70,000 before May ends, following a continued weekly price decline. Bitcoin dropped 3% in the past 24 hours to $72,739—just 3.9% above $70,000—and hit a six-week low overnight. On Myriad, the odds of Bitcoin dropping below $70,000 rose over 240% in 24 hours to 27%, while Polymarket gives similar odds at 26%. This downturn is partly driven by $924 million in crypto liquidations over 24 hours, mostly from long positions, and substantial ETF outflows exceeding $1 billion in two days. Despite near-term bearishness, few expect a drop below $65,000 by month’s end (3% odds on Myriad). Looking further ahead, Polymarket users see a 54% chance of a dip below $55,000 and 42% for below $50,000 by 2026. Bitcoin is currently more than 42% below its all-time high of $126,080.
