Myriad Moves: Traders Flip Bearish on Bitcoin, But Bullish on Zcash

Core Insights - Bitcoin has recently fallen below the $100,000 mark for the first time in six months, leading to a shift in market sentiment among traders and predictors [1][4] - The price of Bitcoin has decreased nearly 20% from its all-time high of over $126,000, now trading at approximately $101,261 [2][4] - Predictions for Bitcoin reaching a new all-time high before the end of the year have turned bearish, with the odds of it not achieving this milestone rising to 66% [3] Market Dynamics - Analysts at Galaxy have revised their year-end price target for Bitcoin from $185,000 to $120,000, indicating a shift towards more gradual growth [4] - The recent market uncertainty and record-breaking crypto liquidations have contributed to the bearish sentiment among investors [2][4] - Technical analysis suggests that while bearish exhaustion may be waning, it is not sufficient for a strong breakout in Bitcoin's price [5] Investment Opportunities - Investors looking to hedge their bets on Bitcoin can earn around 33% based on current odds if Bitcoin does not reach a new all-time high this year [5] - Potential catalysts for Bitcoin's price recovery could include an end to the government shutdown or increased certainty regarding a December rate cut [5] Other Market Movements - Zcash holders have experienced less volatility compared to other cryptocurrencies, with a market inquiry regarding its price performance upcoming [6]