**Polymarket Predicts 52% Chance of Bitcoin Trading Below $100,000 This Month**
Bitcoin’s performance in October has taken a sharp turn. After reaching a record high of $126,198 early in the month, the world’s largest cryptocurrency has dropped 8.26%, with recent declines extending losses further. Market prediction platform Polymarket now forecasts a 52% chance that Bitcoin will trade below $100,000 before the end of October, signaling growing bearish sentiment among traders.
**Growing Bearish Sentiment in the Crypto Market**
According to the latest data from Polymarket, traders are increasingly cautious as Bitcoin struggles to sustain its price momentum. The prediction market indicates a 52% probability of Bitcoin dipping under $100,000 this month, reflecting a shift from the optimism that propelled its early October gains.
Polymarket also reports a 39% increase in bearish sentiment, suggesting that more traders expect further price declines. This shift in market outlook follows Bitcoin’s steep correction from its peak, as many investors seek safer positions amid current uncertainties. Analysts link this reversal in sentiment to broader economic concerns and a reduction in trading volumes.
**Price Performance and Market Correction**
Bitcoin’s price has fallen 7.40% in recent days, bringing total losses for October to 8.26%, according to CoinMarketCap. The cryptocurrency hit its all-time high of $126,198 on October 6 but failed to maintain the bullish momentum. Around October 10, a sharp market drop triggered widespread selling, and since then, Bitcoin has struggled to recover.
The market’s inability to sustain the typically positive “Uptober” trend has raised doubts about whether Bitcoin can stabilize before the month ends. Traders have noted the absence of strong buying support amid the ongoing price weakness.
**Institutional Investors Maintain a Cautious Stance**
Despite the downturn, institutional investors remain active, albeit more reserved. Michael Saylor’s company, Strategy, continues to purchase Bitcoin weekly but has reduced the size of its acquisitions in response to current price weakness. This approach reflects confidence in Bitcoin’s long-term value while acknowledging present market uncertainty.
Other institutions are maintaining their exposure but appear to be waiting for more stable conditions before increasing their holdings. Analysts suggest that ongoing institutional buying might help prevent deeper corrections, although a drop below $100,000 could trigger new selling pressure and liquidation events.
**Market Outlook for the Rest of October**
As October progresses, Bitcoin’s ability to hold above $100,000 remains uncertain. Traders and analysts are closely monitoring key support levels to determine whether the market can regain stability or face further correction.
While the recent declines have dampened short-term optimism, some market participants believe lower prices could attract new buyers in the coming weeks. Ultimately, the tension between cautious investors and risk-takers will likely shape Bitcoin’s trajectory for the remainder of the month.
For now, Polymarket’s 52% probability reflects a nearly even split among traders, highlighting a fragile mood across the crypto market as participants await Bitcoin’s next move around the critical $100,000 threshold.
https://coincentral.com/bitcoin-drop-likely-as-polymarket-gives-52-chance-below-100000/
