Bitcoin extended its recent decline on Tuesday, falling to its lowest level since early April as weakness in the cryptocurrency market accelerated, according to the report. The sell-off reportedly intensified after crypto treasury company Strategy sold a small portion of its bitcoin holdings.
Market participants on prediction platform Kalshi have turned increasingly bearish on the outlook for the world's largest cryptocurrency. Traders currently assign nearly an 80% probability that bitcoin will fall below $60,000 in 2026, which would mark a new low for the year.
Bitcoin set to slump to new lows for 2026 after recent sell-off, traders forecast https://t.co/6ZingFt9GT
— CNBC (@CNBC) June 3, 2026
According to Kalshi data cited in the report, there is also a 52% chance bitcoin could drop below $50,000 this year. Bitcoin has not traded below that threshold since 2024.
The cryptocurrency has fallen more than 45% from its peak above $120,000 reached last October and was trading around $66,500 after losing nearly 10% for the week.
Investor confidence in a rapid recovery has also weakened. The report said traders now see only a 27% chance of bitcoin returning to six-figure prices in 2026, while Polymarket participants assign just a 12% probability of new record highs next year.
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TIPP Staff
