- There are 8-to-11 odds that
bitcoin will fall further and hit $10,000 this year, US-Bookies.com 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.
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 $4'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 $4 of $64,804.72, coinciding with the trading debut of $4, the largest cryptocurrency exchange in the US.
But since the peak, the $4 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 $4 Bitcoin's value was also hurt after $4 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 US-Bookies.com.
For a more in-depth discussion, come on over to Business Insider Cryptosphere>$4 — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
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