On Tuesday, Bitcoin's price fell to around $66,500, marking a significant decline of over 45% from its peak of more than $120,000 last October. The recent downturn was exacerbated by Strategy's decision to sell a portion of its Bitcoin holdings, which intensified bearish sentiment among traders.
According to prediction market platform Kalshi, there is nearly an 80% chance that Bitcoin will fall below $60,000 by 2026, potentially reaching new lows below February's price of $60,062. Additionally, traders estimate a 52% likelihood that Bitcoin could dip under $50,000 within this year.
The outlook for Bitcoin reaching six figures again has also diminished, with only a 27% chance projected for 2026, down from nearly 50% in early May. On Polymarket, the probability of Bitcoin achieving new all-time highs in 2026 is seen at just 12%. This bearish sentiment reflects a broader concern about the cryptocurrency's performance during what is being referred to as a 'crypto winter.'