Traders are increasingly betting Bitcoin will slip below $70,000 before May ends. On Polymarket, odds have risen to 26%, while Myriad shows a 27% probability.
Bitcoin is currently trading around $72,739, down 3% in the last 24 hours, after hitting a six-week low of $72,669 overnight. The slide comes as crypto liquidations near $924 million in the past day, with $851 million in long positions being wiped out.
Bitcoin ETFs have lost over $1 billion in the last two days alone, with $733 million exiting on Wednesday. The eight-day losing streak has seen more than $2.6 billion leave these products, according to data from Farside Investors.
Despite the bearish near-term sentiment, odds of a more drastic fall remain low. The probability of Bitcoin dropping below $65,000 by end of May sits at just 3% on Myriad. However, looking further out, Polymarket gives 54% odds that Bitcoin will dip below $55,000 before 2027, and a 42% chance it trades under $50,000 in 2026.
Earlier this year, CryptoQuant identified $55,000 as the "ultimate bear market bottom," while Standard Chartered analysts suggested Bitcoin could fall to $50,000 before rebounding to $100,000. Bitcoin is currently 42% below its all-time high of $126,080.