Bitcoin continues to fail in recent attempts to break out of its current price levels, which is causing anxiety among speculative traders.
Bitcoin has remained consistently in the red region for the past few days, with the latest forecast Cryptocurrency prediction platform Kalsi indicates that Bitcoin is now more likely to fall below $50,000.
Bitcoin faces a major bearish scenario
Although Bitcoin maintains its dominance in the crypto market, it is carrying the weight of the bearish sentiment facing the market as a whole.
As such, the prolonged volatility that the crypto market is currently experiencing is causing increasing anxiety among Bitcoin traders, and investor confidence continues to decline.
Amid the bearish momentum, the probability of Bitcoin price falling below $50,000 has increased to 50%, according to the forecast provided by Kalsi.
This means that the chance of Bitcoin retreating below $50,000 is equal to the chance that the asset survives the bearish scenario.
Notably, this forecast indicates that there is currently heightened market anxiety as the price of Bitcoin continues to decline steadily each day amid sustained market weakness.
Large Bitcoin holders make a grand exit
While there is a demand for Bitcoin Financial institutions are also taking precautions and are increasingly withdrawing from their positions, as the number has fallen significantly.
The increase in withdrawals from institutional investors is evidenced by the steady outflows that Bitcoin ETFs have been recording each day since last week.
As this interest wanes, Bitcoin has fallen by 2.99% in the past 24 hours, falling back below $75,000.
If this bearish momentum continues, it could further increase the chances of Bitcoin falling below $50,000 by the end of the year.
