⏺Bad predictions for Bitcoin for August 2024

Polymarket participants predict a fall in the price of Bitcoin in August 2024:

• 48% believe that the price will fall below $60,000;
• 26% bet on a drop to $55,000;
• 12% up to $50,000;
• and 4% up to $45,000.

Historically, August and September are weak months for BTC. In June 2024, the trading volume on Polymarket reached a record $111.5 million, the platform entered into a partnership with MoonPay and attracted $70 million from the Founders Fund and other venture funds. Jefferies analysts note that the price of bitcoin correlates with the results of the US presidential election on November 4, 2024.

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Interesting to see Polymarket participants are bearish on Bitcoin for August 2024. Historical data suggests August and September are weak months for BTC. Will the upcoming US presidential election impact Bitcoin's price as noted by Jefferies analysts?