Is the Bull Market Really Back? Two Crypto Price Prediction Experts Believe BTC Will Not Drop Below $60,000 This Month

According to PolyBeats monitoring, on the prediction market Polymarket, two smart money accounts have entered positions on the question "Will Bitcoin drop to $60,000 in August?" One with a "No" position totaling $47.4k, with an average buy probability of 69.4% and the current "Yes" probability at 38.5%.

Leebbc entered with $27.4k, with the top relevant market category being cryptocurrency prices, resulting in a net profit of $59.4k. Out of 21 settled trades in this category, the win rate is 11/21 (52%), with 14 trades where the buy price was below $0.8 and the sell price was above $0.95. Within a similar cost range ($0.601-$0.75), the median historical investment amount is $1.4k, making this investment 20.1 times that median.

bitterfish entered with $20.0k, with the top relevant market category also being cryptocurrency prices, resulting in a net profit of $49.5k. Out of 17 settled trades in this category, the win rate is 13/17 (76%), with 11 trades where the buy price was below $0.8 and the sell price was above $0.95. Within a similar cost range ($0.651-$0.8), the median historical investment amount is $300, making this investment 66.7 times that median.

On the 11th, analysts stated that the recent Bitcoin drop was primarily driven by net selling on the Binance and OKX spot markets, with selling pressure still increasing on these two exchanges. The Coinbase spot market remains a net buyer, and buying pressure in the futures market is also rising, indicating that some funds are taking on chips during price declines.

Several analysts are pointing to October as the bottom of this Bitcoin cycle. Peter Brandt expects the market to bottom on October 4th, while Jiang Zhuo'er, based on calculations of the previous three halving cycles, anticipates a bottom around October 31st, with a price around $44,016. Previously circulated 4chan Bitcoin price prediction posts have accurately hit the duration of multiple bull and bear cycles; if this prediction proves correct again, this bear market will also bottom out in October of this year.
---------------------------------
See the future sooner, follow @PolyBeats_Bot
See tomorrow, today. Follow @PolyBeatsEN