Although Bitcoin is beginning to show signs of a possible price recovery in the near term, traders on Kalshi still believe there is a high chance it will retest $50,000 soon.
Amid rising curiosity about what could be Bitcoin’s next price move, whether the asset would plunge lower or it is ready for a major breakout, traders have bet on the latter according to data from prediction market platform, Kalshi.
Bitcoin at 69% chance of retesting $50,000
Bitcoin is more likely to fall to $50,000 before reaching the highly anticipated $100,000 milestone, according to traders on prediction market platform Kalshi.
The data suggests that traders are increasingly becoming bearish on Bitcoin as it shows a 69% odds that Bitcoin will hit $50,000 before its next breakout to $100,000.
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While $100,000 has been a highly anticipated price level for Bitcoin since it last traded around that price in November 2024, traders are beginning to grow weary about the asset reclaiming the level anytime soon, or even this year.
Nonetheless, recent on-chain movements have seen analysts become optimistic about Bitcoin’s long-term trajectory. However, traders are more confident about the possibility of a deeper price correction for Bitcoin before the next major rally.
Bitcoin flips positive
After multiple days of trading consistently in the red zone, the last day has seen Bitcoin flip to the other side of the market, showing modest price gains over the last 24 hours.
Following a price increase of 1.87% over the last 24 hours, Bitcoin is trading at $63,871 as of the time of writing. While the asset is yet to regain momentum, speculation suggests that the current move could be the start of its potential price breakout.
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