The leading cryptocurrency, Bitcoin (BTC), has fallen to $60,000 in a downward trend that has continued since October.
Bitcoin, which plummeted to $60,000 last week, has recovered just as quickly, rising back above $70,000.
This recovery rapidly reshaped expectations in the forecasting markets as well.
According to recent data, the popular prediction marketplace Polymarket is pricing in a 50% probability of Bitcoin reaching $75,000 this month. This is interpreted as a result of the rapidly increasing share of bets on a short-term recovery scenario in the Bitcoin price.
Following the recovery in Bitcoin’s price, the probabilities given on Polymarket to the question “What price will Bitcoin reach in February?” were as follows:
- “$100,000: 1%”
- $95,000: 1%
- $90,000: 4%
- $85,000: 11%
- $80,000: 22%
- $75,000: 49%
$60,000: 35% - $55,000: 17%
- $50,000: 7%
- $45,000: 3%
- $40,000: 2%
*This is not investment advice.
