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Bookies see a nearly 60% chance of bitcoin sliding to $10,000 this year (BTC-USD)

Published by Business Insider on Fri, 11 Jun 2021

<p><img src="https://static2.businessinsider.com/image/600f279767a6bc0019d9ae34-2400/Bitcoin..jpg" border="0" alt="Bitcoin." data-mce-source="NurPhoto/Getty Images" data-mce-caption="Bitcoin miners are seeing gold despite the cryptocurrency's recent fall." data-link="https://www.gettyimages.com/detail/news-photo/in-this-photo-illustration-a-nitizen-holds-two-news-photo/1230435384'adppopup=true"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Bets by oddmakers indicate they see an increasing likelihood that <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> will sink to $10,000 this year, according to US-Bookies.com, a betting news and data service.&nbsp;</p><p>Odds are 8-to-11, or a 57.9% implied probability, that the world's most traded cryptocurrency will continue to descend to a price not seen since October 2020, said the site, which reviews online sportsbooks in the US, in a notice this week.</p><p>The $10,000 level would represent a more than 70% drop from bitcoin's price on Friday, at around $37,310.</p><p>"The betting has shifted again, and the odds suggest that a slump below $10,000 now looks more likely than not this year, meaning the cryptocurrency could have further to fall," it said.&nbsp;</p><p>The odds of a drop below $10,000 have climbed since mid-April when they were at 4-to-1, or a 20% implied probability. At that time, bitcoin <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-record-high-coinbase-direct-listing-btc-crypto-2021-4-1030302632">hit an all-time high</a> of $64,804.72, coinciding with the trading debut of <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a>, the largest cryptocurrency exchange in the US.&nbsp;</p><p>But since the peak, the cryptocurrency has tumbled by more than 40%, hit by a number of regulatory threats from China and the US, including the US Treasury Department's plan to have <a href="https://markets.businessinsider.com/currencies/news/us-treasury-crypto-transfer-10000-reported-irs-taxes-bitcoin-btc-2021-5-1030452403">cryptocurrency transfers of at least $10,000 be reported to the IRS.</a> Bitcoin's value was also hurt after <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> said it would stop taking the digital currency as payment for its electric vehicles, citing environmental concerns related to bitcoin mining.&nbsp;</p><p>Even more bearish views are expressed with 33-to-1 odds that bitcoin will slide below $1,000 this year, with that implied probability at 2.9% and not a likely scenario, said US-Bookies.com.&nbsp; &nbsp; &nbsp;&nbsp;</p><p><a href="https://www.businessinsider.com/bitcoin-price-bookies-odds-10000-cryptocurrency-betting-oddsmakers-regulation-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-happens-when-you-drink-too-much-water-intoxication-2018-11">What happens when you drink too much water</a></p>
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