Bitcoin has sparked discussions across the crypto market just after its price slipped below the $75,000 mark on Saturday, May 23.
This weak price move has seen traders increasingly turn bearish on the world's largest crypto asset. As such, a popular crypto prediction platform, Kalshi, has issued a bearish forecast on Bitcoin.
Bitcoin to fall below $50,000 this year
According to Kalshi, the chances of Bitcoin falling below $50,000 this year have increased to 40% as traders appear to be taking caution amid the prolonged market volatility.
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This means that Bitcoin is increasingly becoming more likely to retest $50,000 and possibly plunge below that level before the year runs out.
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The market had experienced rising momentum earlier this month when Bitcoin and other cryptocurrencies saw major price rallies.
At the time, Bitcoin saw consistent price increases, reclaiming the $82,000 mark. Nonetheless, it has plunged far below this level and is trading at $75,410 as of the time of writing.
Earlier today, the price of Bitcoin dropped below $75,000 for the first time in May. This marked its lowest price level in about a month.
Bitcoin institutional investors hesitate
The bearish momentum in the Bitcoin ecosystem has expanded to its ETF market as the asset saw steady withdrawals from institutional investors all week.
Latest data from tracking platforms shows that the Bitcoin ETFs have continued to bleed all through the past week in response to the extremely slow price move.
Following the poor ETF performances, Bitcoin has just recorded the highest weekly outflow seen since January.
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