The crypto market has failed to sustain the initial “Uptober” hype as prices of leading cryptocurrencies, especially Bitcoin, have returned to levels not seen in months, with bearish sentiments increasingly intensifying.
While Bitcoin has continued to plunge deeper, renowned crypto market prediction platform Polymarket has disclosed data showing a 52% chance that Bitcoin will fall below $100,000 this month.
Polymarket shared a chart showcasing the bearish prediction, which has stirred discussions across the crypto community. While it further highlighted a 39% surge in bearish sentiment, the data reveals a growing belief among traders that the world’s largest cryptocurrency could be on the brink of another major correction.
While Bitcoin has continued to trade in deep red territory, it has shown no sign of recovery as bulls increasingly exit the market amid looming uncertainties.
The sudden shift in market sentiment follows a period of steady confidence experienced earlier in the month. Bitcoin failed to retain its bullish momentum into the second week of October as the market suddenly flipped bearish following a notable crash witnessed on October 10.
While analysts had made positive predictions of Bitcoin reaching a high of $150,000 in October, it now appears that the leading cryptocurrency will no longer be able to meet these expectations.
Despite starting off strong in October and hitting a new all-time high (ATH) of $126,198 on October 6, Bitcoin has continued to face deeper corrections, with its price now showing a decline of 8.26% in monthly returns, according to data from CoinMarketCap.
Apparently, this suggests that the leading cryptocurrency might end up breaking its strong October gain streak this year.
Despite the discouraging price trend, institutional investors like Michael Saylor’s Strategy have not given up on their aggressive Bitcoin accumulation. Although the firm appears to be exercising caution, it has continued its weekly accumulation but has significantly reduced the volume of its purchases amid the declining price trend.
Despite the resilience displayed by institutions, analysts believe that if Bitcoin breaks below the $100,000 level, it could trigger further liquidations, adding more selling pressure to an already fragile market.
