In short
- Forecasters on Myriad are bullish, while crypto majors vary.
- The odds have returned in favor of Bitcoin reaching $120K before $100K, and ETH $4,500 before $3,100.
- With only two teams left, the Los Angeles Dodgers have a 70% chance of winning the World Series.
Crypto traders are unsure which way the market will go as the top assets continue to rally after the recent, record-breaking liquidations.
But some of the top markets on Myriad — looking for predictions about the next stops for Bitcoin and Ethereum — are returning to bullish territory, suggesting forecasters are less uneasy than they were this time last week.
Here’s a deeper look at some of the most traded markets on Myriad this week.
(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)
Bitcoin’s next move: $120,000 or a dip to $100,000?
Market open: October 12
Close market: Open to solution
Volume: $414K
Link: View the latest odds on the ‘Bitcoin’s next hit: $120,000 or dip to $100,000’ market on Myriad
It was over in no time. Then crypto was back. Then it was over in no time. And now it might come back.
A popular meme about the feelings of crypto traders amid volatile conditions has manifested itself on the map of a countless market asking where Bitcoin now continues: down to $100,000 or back to $120,000.
The market, first inspired by a bet between crypto personalities Mando and KeyboardMonkeyhas seen its fair share of swings since its inception, with both sides having an advantage at some point in the past week.
“Uptober” hasn’t gone quite as planned, as Bitcoin has fallen so far this month after a hot start. But as it stands Thursday afternoon, traders are feeling a bit more optimistic that Bitcoin will continue to rise, giving the odds of a $120,000 rise a slight edge of 56%. That figure represents an increase of almost 11% in the past 24 hours, while BTC is up about 2% to $110,162.
At that price, the assets are almost evenly distributed across both sides of the market.
Perhaps the bullish edge is being given due to the reversal in ETF inflows that started on Tuesday, ending a streak of four consecutive days of outflows. That day, Bitcoin ETFs raked in about $470 million before returning about $100 million through Wednesday’s outflows.
The back and forth shows the uncertainty in the market analysts say Declutter on Wednesday that “however, it is probably too early to tell if this is the bottom as the broader markets are choppy.”
Bearish forecasters pushed the odds up to 75% in favor of $100K at one point last week, before shrinking to around 55% in recent days. But now the bulls are back in control – albeit to a limited extent.
Bitcoin’s jump to $120,000 would give BTC holders a gain of about 9% based on the current price. But countless users could gain closer to 44% if they take a position in ‘$120,000’.
What’s next? A CPI print is expected on Friday, which could play a role in shaping Bitcoin’s near-term future.
ETH’s next move: pump to $4,500 or dump to $3,100
Market open: October 17
Close market: Open to solution
Volume: $27.6K
Link: Check out the latest odds for the “ETH’s Next Move” market on Myriad.
Ethereum has underperformed against Bitcoin over the past week, falling around 0.6% to $3,887, while BTC has risen slightly over the same period.
Nevertheless, Myriad forecasters are much more optimistic about a bounce back to $4,500 than they are about a dump to $3,100.
Despite the weekly ETH decline, forecasters have even increased the odds of a pump by 15.5% to $4,500 – now at 66%.
The second largest crypto asset by market cap will need to rise about 16% to find its way to $4,500, and is 20% off the lower bound.
Ethereum, like Bitcoin, bucked the ETF outflow trend earlier this week before reversing with smaller outflows on Wednesday – and digital asset government bonds like BitMine Immersion Technologies are still buying.
In fact, even the the second largest ETH treasury—SharpLink Gaming—added to the stacks as whales lean on ETH also.
What’s next? Like Bitcoin and the broader crypto market, Friday’s macroeconomic data could help create a clearer picture of ETH’s next move.
Will the Los Angeles Dodgers win the World Series?
Market open: August 14
Close market: October 26
Volume: $22.9K
Link: View the latest odds on the “Will the Dodgers win the World Series?” market on Myriad
The baseball season is coming to an end. The World Series starts in Toronto on Friday.
There are only two teams left: the Los Angeles Dodgers and the Toronto Blue Jays. Since August, numerous users have been making predictions about the Dodgers’ chances of winning, with the odds swinging dramatically in their favor over the past week, up to 71% as of Thursday afternoon.
That represents a jump of 9% in the past week and about 30% in the past 10 days, as the reigning champions defeated the Milwaukee Brewers to clinch their spot in the World Series.
Prior to the playoffs and the battle against the field, the Dodgers were once trading around 16% on Myriad. In addition to beating the Brewers handily, the Dodgers will take on a team barely coming off a tough seven-game series against the Mariners.
Now with an implied probability of around 70%, numerous forecasters consider the team to be around -233 favorites in US odds terms. That’s even higher than traditional sportsbooks like DraftKings, which list the Dodgers at around -215, or 68.25% favorite to win the series, leaving just a few percentage points edge for Myriad users who prefer to root for the Canadian team.
What’s next? The Dodgers play game 1 in Toronto on Friday.
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