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Most Traders Believe Bitcoin Will Drop Below $100,000
According to a social media poll conducted by the well-known analyst operating under the pseudonym PlanB, the majority of traders believe that Bitcoin’s price will fall below the $100,000 mark.
The expert asked his followers whether they thought Bitcoin had already reached the peak of the current cycle at $126,000, and whether the cryptocurrency would once again trade below $100,000. Each question received more than 30,000 responses. The results showed that 32% of respondents believe Bitcoin has already hit its cycle top, while 62.9% expect its price to drop below $100,000.
Results of PlanB’s social media poll
However, PlanB himself disagrees with those predicting the start of a prolonged bearish phase for BTC. In his view, the cryptocurrency’s recent 9% decline over the past month and its current consolidation below $107,000 are primarily due to portfolio rebalancing by investors. Therefore, he expects the downward trend to end soon, with Bitcoin resuming its upward movement without breaking below $100,000.
Nevertheless, many more speculative members of the crypto community hold a less optimistic outlook. On the Polymarket prediction market, the odds of Bitcoin dropping to $90,000 this year currently stand at 41%, while the probability of it falling to $80,000 has reached 21%.
See also: "Bitcoin Falls Below 200-Day SMA"
