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

Bookies see a nearly 60% chance of bitcoin sliding to $10,000 this year
Bitcoin to $10,000 in 2021? Some people are betting on it.NurPhoto/Getty Images
  • There are 8-to-11 odds that bitcoin will fall further and hit $10,000 this year, said in a notification.
  • The implied probability of a drop in the digital currency to $10,000 was 57.9%.
  • In an unlikely scenario, more bearish views see bitcoin falling to $1,000 in 2021.
Bets by oddmakers indicate they see an increasing likelihood that bitcoin 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 hit an all-time high of $64,804.72, coinciding with the trading debut of Coinbase, the largest cryptocurrency exchange in the US.


But since the peak, the cryptocurrency has tumbled by more than 40%, hit by a number of regulatory threats from China and the US, including the US Treasury Department's plan to have cryptocurrency transfers of at least $10,000 be reported to the IRS. Bitcoin's value was also hurt after Tesla said it would stop taking the digital currency as payment for its electric vehicles, citing environmental concerns related to bitcoin mining.

Even more bearish views are expressed with 33-to-1 odds that bitcoin will slide below $1,000 this year, with that implied probability at 2.9% and not a likely scenario, said

For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon

Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works

Is a ban on cryptocurrencies even possible?

Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies