Bitcoin and Ethereum Price Declines
Bitcoin and Ethereum are experiencing significant price decreases, and market predictions suggest further declines. The technical analysis for both BTC and ETH is becoming increasingly unfavorable. Investors who purchased cryptocurrencies at recent peaks are currently facing substantial losses as initial enthusiasm wanes and the market contracts.
Current Market Status
Bitcoin has fallen to approximately $88,000, representing a more than 20% drop in the last 30 days. The overall cryptocurrency market capitalization has decreased to $3.04 trillion, a 4.82% decline in the past 24 hours, with the vast majority of coins showing losses. The Fear and Greed Index has reached a low of 16, its lowest point since April, indicating extreme fear among investors.
Market Sentiment and Indicators
Currently, Zcash is the only coin within the top 50 by market capitalization that is holding its value, achieving a modest 4% gain. Expectations for a potential interest rate cut by the Federal Reserve in December are diminishing. Bitcoin ETFs have recorded five consecutive days of net outflows, with BlackRock alone experiencing a record $523 million outflow yesterday. Traders are seemingly seeking protection against the growing possibility of a prolonged "crypto winter" in 2026.
Prediction Market Analysis
“A whopping 73.3% of the money on Myriad is betting Bitcoin dumps to $85K, as opposed to pumping to $115K.”
On Myriad, a prediction market operated by Dastan (Decrypt’s parent company), traders are anticipating further market downturn. A significant 73.3% of funds on the platform are wagered on Bitcoin falling to $85,000, in contrast to a potential rise to $115,000.
Ethereum Outlook
“Myriad users place the odds at 62% that ETH, currently trading for around $2,800, slides to $2.5K over a rally to $4K.”
Myriad users assess a 62% probability that Ethereum, currently valued around $2,800, will decline to $2,500, rather than increasing to $4,000.
Author's Summary: The cryptocurrency market is currently facing strong downward pressure, fueled by macroeconomic factors, ETF outflows, and waning investor confidence, leading to widespread pessimism and predictions of further price declines for both Bitcoin and Ethereum.