Myriad Moves: Markets Grow Bearish on Bitcoin and Ethereum as Rate Cut Odds Tumble

The cryptocurrency market is experiencing a bearish trend as Bitcoin and Ethereum prices continue to decline, leading predictors on Myriad to adjust their outlooks significantly. Bitcoin has dropped to below $87,000, marking a decline of over 30% since its all-time high of $126,000 in early October. Predictors now assign an 80% chance that Bitcoin will hit $85,000 before rising to $115,000. Similarly, Ethereum has fallen below $3,000 for the first time since July, with a 70% probability of dropping to $2,500 rather than rising to $4,000. Amid these dips, there are also shifting sentiments towards the Federal Reserve's potential for a December rate cut, with increasing odds suggesting it is unlikely. This scenario has left many traders recalibrating their strategies, as the market reflects deeper bearish sentiments both in the cryptocurrency space and traditional finance. With rate cut expectations lowering, the potential for crypto assets to rebound significantly appears diminished for the end of the year.

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