With less than a week remaining until the start of April, crypto traders are locking in their Bitcoin ($BTC) price targets for next month.
As of March 25, nearly 21% of traders are betting on a $BTC price drop to $65,000 by April 1, as per data from a cryptocurrency-based prediction platform Polymarket. These odds have plummeted 63% in recent days as Bitcoin rebounds, yet remain the majority of bets and the highest volume of $7.7 million.
On the downside, $BTC’s probability of sliding to $60,000 has dropped 47% to 5%. Polymarket traders forecast just a 1% chance of Bitcoin falling to $55,000, with $5.2 million already traded on this outcome.
The chances of a capitulation to $50,000 is also 1%, with a volume of $3.2 million. Combined, these forecasts put the chance of Bitcoin trading below its current level by April 1 at about 29%, based on aggregated Polymarket data.
Conversely, on the upside, traders are pricing in an 8% chance that Bitcoin will spike to $80,000 by April 1, though this conviction has fallen around 25% over the past 24 hours. The likelihood of Bitcoin surging to $85,000 is 2%, down roughly 9% over the same period, while the feasibility of a rally to $90,000 is 1%. The $150,000 price target for $BTC has the highest volume, 23 million.
Bitcoin price gains bullish momentum ahead of April
$BTC has steadily gained bullish momentum over the past 30 days. Bitcoin’s price climbed 8.78% to about $71,440 at the time of publication.
Although it is worth pointing out that the flagship digital asset is down 3.93% in the past seven days.