Dogecoin co-founder Billy Markus, who goes by “Shibetoshi Nakamoto” on X, tweeted a one-word reaction to recent bearish calls on Bitcoin, with some predicting it might fall below $60,000 this month of August.
Markus engaged with an X post by prediction market platform Polymarket that showed Bitcoin had a 59% chance of dropping below $60,000 by the end of the month, according to the odds on its market.
“Bitcoin projected to crash below $60,000 by the end of the month. 59% chance,” Polymarket posted alongside a screenshot backing this claim. Markus commented on this post, saying “sigh”.
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The Dogecoin co-founder’s response reflects the fatigue many market participants might be facing amid bearish market action. As reported, Markus described the current phase as boring rather than panic-inducing, saying that this was what a crypto bear market looked like.
The “boring” market phase marks a period of consolidation where nothing exciting seems to be happening and prices are flat.
At the time of writing, the chances of Bitcoin falling below $60,000 had increased to 63% on Polymarket, indicating traders are betting on a further drop in Bitcoin’s price in August.
Mixed outlook in the market
However, there is a mixed outlook among traders, as seen on Polymarket, with a 42% chance of Bitcoin rising above $67,500 and a 71% chance of Bitcoin hitting above $65,000 in August. There is a 37% chance of Bitcoin falling below $57,500, according to Polymarket, making these and the above-mentioned Bitcoin price points crucial to watch.
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Bitcoin was trading down 0.68% in the last 24 hours to $62,707 following an intraday drop to $62,210. Bitcoin fell over the weekend amid fading momentum behind US crypto legislation and disappointing earnings from Coinbase and Strategy, which added to signs that speculative investors might be pulling back from riskier trades.
Bitcoin is down about 30% this year while most major cryptocurrencies were also lower. At the time of writing, Dogecoin was down 0.67% in the last 24 hours to $0.069 and down 4.35% weekly.
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