As the recent dip in Bitcoin’s price continues to bite, bookmakers are looking to cash in with odds on where the flagship cryptocurrency’s price will end this year.
The price of Bitcoin has fallen around 30 per cent over the last month, and is currently fighting to stay above $20,000 – a far cry from November’s all-time high of $69,000.
Although the slump has slowed down to a four per cent decline over the last seven days, bookies appear to be forecasting that Bitcoin may not recover before the end of the year.
As a result, the latest odds reported by online betting experts OLBG suggest that it could be more than likely that Bitcoin will be below $20,000 before the end of the year with odds of 8/11 – a 58 per cent chance.
There is even a 20 per cent chance of Bitcoin ending the year below $10,000 with odds of 4/1 as uncertainty about how the cryptocurrency market will fare in the coming months continues.
However, it is predicted that there will not be a rise back to recent heights with the chances of it being above $3,000 at 12 per cent (7/1).
Dogecoin, the first meme token, has seen its price fall 23 per cent in the past month from $0.084 to $0.064, and bookmakers are offering odds of 100/1 that the coin could reach $1 by the end of 2022.
There are even wagers being offers at 5/2 for Elon Musk, who is often credited with the rise of Dogecoin, to sell all of Tesla’s Bitcoin before the end of the year – that’s a 29 per cent chance.
“With a trillion dollars reportedly invested in the market, the cryptocurrency crash this week will have had some devastating effects for many who have invested large sums,” said Steve Madgwick, OLBG.com Crypto Betting Expert.
“Experts have warned of the unpredictability of the coins for a number of years and this collapse may be a big wake up call for many who are jumping on the bandwagon.
“It is believed the cryptocurrency market will recover in line with the wider economy, however, as our odds suggest this may take some time so those investing in Bitcoin could have to wait until 2023 before we see the heights of 2021 once again.
“Elon Musk is also just 5/2 to offload all of Tesla’s Bitcoin investment. Given how famously unpredictable the billionaire can be, it might be a good bet that he dumps his stock of crypto entirely.”
Latest odds reported by OLBG
Bitcoin to be below $20,000 at end of 2022 – 8/11 (58% chance) Moneyline: -138
Bitcoin to be below $10,000 at end of 2022 – 4/1 (20% chance) Moneyline: +400
Bitcoin to be below $1,000 at any point in 2022 – 25/1 (4% chance) Moneyline: +2500
Bitcoin to hit $0 in 2022 – 50/1 (2% chance) Moneyline: +5000
Bitcoin to be above $50,000 at end of 2022 – 9/1 (10% chance) Moneyline: +900
Ethereum to be below $1,000 at end of 2022 – 2/1 (33% chance) Moneyline: +200
Ethereum to be above $3,000 at end of 2022 – 7/1 (12% chance) Moneyline: +700
Elon Musk to sell all of Tesla’s Bitcoin by end of 2022 – 5/2 (29% chance) Moneyline: +250
Dogecoin to be above $1 at end of 2022 – 100/1 (1% chance) Moneyline: +10000