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- Latest odds from bookmakers give BTC 10% chance of bouncing back to $50,000
- Dogecoin has just a 1% chance of hitting $1 according to the betting odds
- Cryptocurrency around the world has crashed with investors being hit hard
Latest odds from bookmakers give BTC 10% chance of bouncing back to $50,000
The cryptocurrency crash has hit investors hard this week and now bookmakers are forecasting that Bitcoin may not recover before the end of the year.
The world's largest digital coin has dropped by 33% in the past week - falling from $30,500 this time last week to as low as $20,071 today.
As a result, the latest odds from 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% chance.
Meanwhile, there is a 20% chance of Bitcoin ending the year below $10,000, odds of 4/1, with much uncertainty about how the cryptocurrency market will fair in the coming months.
Bitcoin's fall in the past week
Bitcoin has fallen drastically in the past week, with the chart below showing just how much it's dropped.
(Credit: Coinbase)
Ethereum, the world's second largest coin, has just a 33% chance of being below $1,000 by the time 2022 is over - which is good for investors.
However, it is predicted that there will not be a rise back to recent heights with odds of being above $3,000 at a 12% chance (odds of 7/1).
Dogecoin, the first meme coin, has seen its price fall 40% in the past month from $0.076 to $0.045. There is just a 1% chance (100/1) the coin will reach $1 by the end of the year.
Bookmakers have odds of 5/2 for Elon Musk, who is partially credited with the rise of Dogecoin, to sell all of Tesla's owned Bitcoin before the end of the year - a 29% chance.
OLBG spokesperson explains what has happened with the crash
A spokesperson for OLBG said: "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.
"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."
OLBG - Betting Odds
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)
Ethereum to be below $1,000 at end of 2022 - 2/1 (33% chance)
Ethereum to be above $3,000 at end of 2022 - 7/1 (12% chance)
Elon Musk to sell all of Tesla's Bitcoin by end of 2022 - 5/2 (29% chance)
Dogecoin to be above $1 at end of 2022 - 100/1 (1% chance)
