Bitcoin and Ethereum posted modest weekly gains, regaining key levels of $90,000 and $3,000, respectively.
Those moves were enough for forecasters to turn bullish on the next stop, even if a new all-time high by the end of the year looks increasingly unlikely — though permanent bulls may still disagree.
Below we take a look at some of this week’s top markets. countlesswhich includes whether BTC and ETH will be pumped up or dumped next, and whether a major liquidation event is coming.
(Disclaimer: Myriad Markets is a product of Dastan, the parent company of Decrypt.)
Bitcoin’s next move: Will it soar to $100,000 or plummet to $69,000?
Market open: November 21st
Market ends: open until resolved
volume: $34.5,000
link: The latest odds are “Next move for Bitcoin: Will it soar to $100,000 or plummet to $69,000?” Myriad Market
It took only a slight week-to-week rebound for Myriad tipsters to become bullish again.
BTC is up about 1.1% over the past seven days and 6.9% over the past two weeks, regaining $92,000. It now sits just above that mark at $92,522.
This rally is now more than 10% off its late November lows, and the chance of Bitcoin regaining $100,000 before crashing to $69,000 has increased to 75%.
This is a 27% increase from Monday afternoon, when users actually favored the top crypto asset dropping to $69,000.
Despite the recent rally, Bitcoin is still down 8% over the past month, further down from its all-time high. Popular year-end price prediction is $150,000..
However, analysts say December’s rate cut is now all but certain, providing a short-term catalyst that forecasters predict will give BTC enough strength to regain $100,000.
A smart Bitcoin bull can make around 25% profit on his Myriad predictions given $100,000 up for grabs, but holding spot BTC from here will only give you around 8% profit on the move.
What’s next? The December FOMC meeting will be held next week on December 9th and 10th.
Ethereum’s next move: to go up to $4,000 or down to $2.5,000?
Market open: November 5th
Market ends: open until resolved
volume: $143,000
link: The latest odds are “Ethereum’s next move: Will it rise to $4,000 or fall to $2.5,000?” Myriad Market
Ethereum outperformed Bitcoin last week, rising 3.6% while Bitcoin rose only 1%.
The move also upset Myriad’s “Ethereum Next Move” market, with forecasters currently holding a slightly bullish view that ETH will rise to $2,500 rather than fall.
The expected rise forecast is coming Despite the bearish technical analysis on ETHcurrently trading at $3,140, which is about 27% off the upper end of this market.
Forecasters maintain support for the pump at 50.8%, nearly doubling the odds of a rise to $4,000 from just 26.7% on Monday morning.
Recent headlines could be a short-term tailwind for the No. 2 crypto asset.
The network has just been completed Fusaka upgradewhich improves the speed and scalability of Layer 1 and that Layer 1. layer 2 economy. Additionally, ETH whales are stepping in to shake up the price. One wallet in particular adds about $55 million on tuesday.
It is on top of BitMine Immersion Technologies. Largest listed Ethereum Treasurycontinues its weekly purchases, acquiring over $265 million last week as it aims to hold 5% of the circulating ETH supply.
Is the impending rate cut already priced in? Or is the weekly boost more popular?
What’s next? If there is an actual rate cut next week, ETH could also receive a boost from risky assets.
Will there be a liquidation date for $2 billion in cryptocurrencies by the end of December?
Market open: December 3rd
Market ends: December 29th
volume: $589
link: The latest odds are “Will we ever liquidate $2 billion in cryptocurrencies?” Myriad Market
record breaking series of liquidations It hit the crypto market on October 10th, destroying over $19 billion in positions in Bitcoin, Ethereum, XRP, and more.
Now, Myriad’s new market is asking forecasters whether a $2 billion liquidation date will shake up the market by the end of the year.
As of Thursday afternoon, forecasters believed that was unlikely to happen, with a roughly 69% probability of “no” on minimum trading volume in the new market.
This means that if no major liquidation occurs, the “no” trader stands to gain approximately 31%. But how often does that happen?
A liquidation event of this magnitude would be one of the 15 largest liquidation events in the history of cryptocurrencies. According to data collected from CoinGlass. To date, there have only been 14 days in which liquidations exceeded $2 billion, 12 of which occurred in 2021.
Liquidation can occur on both sides of the bet. In other words, a trader can bet on whether the price of an asset will go up or down, and both can be added to the daily total.
For example, according to data from Coinglass, about 53% of today’s $346 million in liquidations is in long positions, or positions that are betting that prices will rise.
This year saw two of the 10 largest liquidation events in history, including the record-breaking October 10 liquidation event.
Will we see a third one by the end of the year?
What’s next? Mass liquidations typically occur during large price fluctuations.
