Bitcoin's Big Dip: What's Shaking Up the Crypto World?

Bitcoin's value has been on a wild ride lately. It's been dropping fast. Right now, it's below $104, 000. This has got people talking and making big bets on where it's headed next. Over on Polymarket, a platform for crypto bets, things are looking pretty gloomy. Traders there think there's a 71% chance Bitcoin will drop below $100, 000 this month. That's a big jump from just the day before, when the odds were at 57%. Not only that, but the chances of Bitcoin hitting $115, 000 or more have also taken a hit, dropping from 53% to 40%. Even the odds of it reaching $120, 000 have been cut down to 20%. People have already put nearly $5 million on the line to see how this plays out. Binance is the one calling the shots on this. Keep in mind, though, that U. S. folks can't jump in on the action just yet, but that might change soon.This drop in expectations isn't happening in a vacuum. Bitcoin's been on a downward spiral, and it's not showing any signs of stopping. In just the last 24 hours, over $400 million got wiped out from the Bitcoin derivatives market. Most of that, around $387 million, was from bullish bets going sour. But not everyone's panicking. Some experts, like Willy Woo, see this as a normal part of the cycle. He points out that long-term holders—those who've been holding onto their Bitcoin for more than five months—are starting to pass their coins to new investors. In his view, this is a sign of a healthy bull market, not something to worry about. As for the current price, Bitcoin's been trading at around $103, 859. 32, which is a 3. 25% drop in the last 24 hours.