- Crypto market sentiment turned more bearish on Thursday as digital asset prices continued to fall.
- Predictors on Myriad now give only a 34% chance for Solana to reach a new all-time high by year end.
- The odds for Bitcoin reaching $120,000 next dropped as traders favored a possible dip to $100,000.
- Ethereum is seen as more likely than Gold to reach the $5,000 mark first, despite gold’s recent gains.
- Market uncertainty, including delayed ETF approvals and ongoing government shutdown, affect predictions for major crypto assets.
Crypto market participants showed a shift toward caution on Thursday, with predictors on the Myriad platform betting against near-term rallies for top digital assets. The mood changed as major cryptocurrencies declined further, with users focusing on the future prices of Bitcoin, Solana, Ethereum, and gold.
Data from Myriad indicated that odds for Solana to reach a new all-time high by December 30 fell to 34%. Solana’s price dropped by more than 13% over the past week, trading at $190.50 on Thursday. Predictions for Bitcoin also shifted, with users now favoring a drop to $100,000 over a rise to $120,000. The platform reported a sharp reversal from previous bullish sentiment, reflecting the increased market uncertainty.
According to Myriad, the decision point between a $120,000 rally or a slide to $100,000 for Bitcoin follows the largest liquidation event yet, erasing $19 billion in leveraged positions. “Predictors are largely split and uncertain about Bitcoin’s immediate future,” the report said. The asset would require a 10.5% gain to reach $120,000 or an 8% decline to hit $100,000.
On Solana, the odds of a new all-time high have dropped over 16% in the last week, with the asset currently about 35% below its peak from January. Myriad reports that the delay in approving Solana exchange-traded funds is likely caused by the government shutdown, impacting market sentiment.
In the race to $5,000 between gold and Ethereum, Myriad users slightly favor Ethereum, assigning it 53% odds despite gold trading closer to the $5,000 target at $4,307. “The ‘debasement trade’ may have another decade ahead of it,” analysts told Decrypt, referencing strategies that use hard assets to hedge against currency devaluation.
The broader context includes ongoing trade war concerns and the effects of a government shutdown, which continue to weigh on digital asset markets and investor sentiment.
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