Bitcoin Could Bottom to Below $60,000 in August - Polymarket.

Following a significant 7% drop in market price in BTC within the past 7 days, Polymarket has predicted that the price would fall below $60,000 before September.

Polymarket is a decentralized prediction market platform that allows users to place bets with cryptocurrencies on future events. Users buy cryptocurrency and use it to bet, predicting upcoming events. According to a poll gathered on the platform, users are heavily inclined that BTC will fall below $60,000 in August.

On Thursday, BTC dipped to a low of $63,504 after recently breaking the $70,000 resistance zone. On the same day, the United States Federal Reserve announced a potential rate cut in September, which was supposed to be a bullish indicator.

However, the news was received the other way by the Polymarket users. According to a poll on Polymarket, most participants believe Bitcoin will drop below $60,000 before September. A total of $57,000 bet was placed on BTC bottoming out.

24% of users placed their bet on the price to fall below $55,000, while 15% are inclined that the price might drop below $50,000.

Unusual Bottoming Of BTC, Possible Causes?

It appeared as a shock to crypto enthusiasts when the BTC price declined by to $63,504 on Thursday, 1st of August. Sentiment and expectations for BTC have been on the high side during the past few days after crossing the $70,000 resistance zone.

However, one of the possible reasons might be the rising geopolitical risks in the Middle East, which could cause inflation. Also, U.S. Federal Reserve chairman, Jerome Powell's announcement of a possible rate cut in September might be a catalyst for the bearish movement.

There are reasons also to speculate that the price decline might be related to the upcoming United States election. Following Joe Biden's stepping down from the presidential race, crypto enthusiasts have been on a positive stance after Trump declared himself a “Crypto President.”

Trump also gave a speech at the Bitcoin Conference in Nashville, where he stated his intention to recognize cryptocurrency, support the industry, and ensure that the government sells out its Bitcoin holdings

With Trump emerging in November, BTC might attain $100k before the end of the year.

However, as much as the possibilities are promising, there are also doubts that Donald Trump might not emerge as president in the polls. Polymarket stated that presidential candidate Kamala Harri has notably narrowed the gap, and Trump is barely maintaining his lead by 55%.

Another poll by PredictIt has Harris leading with 53%, followed by Trump’s 49%. More polls have shown that Harris has wiped out Trump’s lead across key battleground states in the past few days.

If sellers can make the price break major support at $63,460, Polymarket predictions of a bear market will prevail, and BTC would be seen below at $60,000 before September.

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