In brief
- Predictors have flipped more bullish on Bitcoin’s near-term price on Myriad Markets.
- Analysts are split on whether or not the recent rally can be sustained, though.
- Meanwhile, traders are more bearish on Ethereum’s near-term price action.
Bitcoin’s jump to nearly $74,000 on Wednesday offered a reprieve for the top crypto asset, which is currently down 43% from its all-time high set in October. But is the rebound a sign of better things to come, or merely a flicker of false hope?
Predictors on Myriad, a product of Decrypt’s parent company Dastan, have flipped bullish on BTC’s near-term price action on account of the move, now favoring it to “pump” to $84,000 before a dump to $55,000. The latter mark was previously called the ultimate bear market bottom by blockchain analysis firm CryptoQuant.
Odds for the market had largely favored a dump in price over the last month, but flipped on Wednesday as the price of Bitcoin surged more than 7.5%. Predictors currently give BTC around 53% odds to hit $84,000, around a 19% upward swing in the last week, with Bitcoin recently trading just above $71,000.
While predictors are leaning bullish, analysts have provided mixed reactions, with some suggesting that “the worst is behind us” as it relates to Bitcoin’s price. Others told Decrypt that Bitcoin would “most likely not” sustain its recent rally.
Those mixed signals extend to Ethereum, the second-largest crypto asset by market cap. Ethereum ETFs posted a $169 million inflow on Wednesday, their highest mark in two months as ETH jumped to trade at nearly $2,200.
Despite the boost, predictors on Myriad continue to expect the near-term path for Ethereum to be down, favoring a “dump” to $1,500 at 58% before any potential jump to $3,000.
That sentiment tracks with short-term markets from Polymarket and Kalshi, which have muted expectations for ETH in the next month, putting a damper on its Wednesday rally.
Predictors on Kalshi give odds of ETH trading above $2,500 in March just 39%, while Polymarket users still favor it trading below $2,400 through the month.
Longer-term predictors don’t provide especially rosy outlooks, either. On Kalshi, users make the chances of trading at $5,000—or a new all-time high—just 15%. Meanwhile, Polymarket users give the chances of a new yearly all-time high 19% odds.
ETH has fallen around 3.5% from its Wednesday highs, recently changing hands around $2,066 and a $249 billion market cap. While its standing as the second-largest crypto asset has been long-established, Polymarket predictors making it almost even odds that ETH is flipped in market cap by another token sometime this year.
As it stands, the circulating market cap of Tether’s dollar-backed stablecoin USDT is around $66 billion behind.
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