Bitcoin Under $60K? Prediction Markets Scream Yes, On-Chain Data Agrees
Prediction markets are flashing red, with traders betting big on Bitcoin crashing below $60,000 in June. On-chain signals for both BTC and SOL are lining up, suggesting this isn't just noise.
Crypto is dominating prediction markets, with Polymarket seeing hundreds of millions in volume this week alone. The hottest bets? Bitcoin dropping below $60,000 in June, with significant action also targeting $57,500 and $55,000 by year-end.
On-chain data is starting to echo these bearish calls. Bitcoin's liquidation map shows substantial long leverage clustered just above $57,000, a level that could trigger a cascade if breached. The realized price, acting as a historical floor, sits near $53,796, reinforcing the $55,000 downside target.
Solana isn't escaping the bearish sentiment. Prediction markets are leaning towards SOL falling below $60 in June. On-chain metrics for short-term holders show they're currently underwater, with room for further capitulation before a bottom is likely in.