Bitcoin’s Odds of Reaching New All-Time High in April Plummet by 66% on Polymarket

The odds of Bitcoin reaching a new all-time high in April have taken a nosedive, plunging 66% on the popular betting site Polymarket. This sharp decline in optimism among bettors reflects a growing caution in the market, as several macroeconomic factors have dampened the bullish mood among traders.

Punters on Polymarket now give Bitcoin just a 14% chance of surging beyond $73,700 by the end of April, a significant drop from the optimism seen earlier in the month. The shifting sentiment can be attributed to a variety of factors, including a recent uptick in the US dollar, which tends to be a safe haven during times of market uncertainty.

One key event that has been closely watched by investors is the upcoming halving, which will cut miner rewards in half and potentially impact Bitcoin’s price. While some have speculated that the halving could propel Bitcoin to new heights, others are starting to question this narrative as market conditions evolve.

Concerns over the Federal Reserve’s interest rate decisions and geopolitical tensions, such as the recent conflict between Iran and Israel, have also weighed on risk assets like Bitcoin. The cryptocurrency recently dropped to a seven-week low following Iran’s attack on Israel, highlighting the impact of global events on the digital asset.

Despite these challenges, some market watchers remain optimistic about Bitcoin’s long-term prospects, citing institutional adoption and maturation of the asset. As the market continues to evolve, it remains to be seen whether Bitcoin will be able to overcome the current headwinds and reach new highs in the coming months.

In today’s trading, Bitcoin has risen slightly to $61,649, while Ethereum has also seen a modest gain to reach $3,007. The crypto market remains volatile, with potential for rapid changes in sentiment and prices in the days ahead.

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