Bitcoin Market Value Plummets Amid Bearish Predictions

Bitcoin's market value has taken a hit in recent days, with the odds of it falling below $55,000 reaching 72% on Polymarket, a popular prediction platform.

The total crypto market cap has dropped about $760 billion, or 24.5%, according to CoinGecko, with Bitcoin's own market capitalization slipping to around $1.31 trillion.

Standard Chartered analysts have projected that Bitcoin could fall to $50,000 before recovering towards $100,000, while CryptoQuant believes $55,000 may be the ultimate market bottom.