Odds For Future Bitcoin Price Show Bettors Expect Stabilization

• Some online sportsbooks are offering odds on the future price of Bitcoin.
• Bitcoin is often used for betting at online sportsbooks.
• Bitcoin’s price has been extremely volatile recently, ranging from over $9,000 to under $5,000 in the last 30 days.

LAS VEGAS – Bitcoin, the digital currency often used for betting at online sportsbooks, has been volatile in terms of price, both recently and generally.

Many of the online sportsbooks that accept Bitcoin are offering bets on what the price of one Bitcoin will be in the near future, as the volatility of both the stock market and the cryptocurrency exchanges increases in the middle of the coronavirus crisis.

Bitcoin gets a lot of coverage from the financial media, and even more coverage from those invested in it. The current financial volatility has also affected the markets for Bitcoin, and this has allowed sports bettors some interesting opportunities in that area.

For sports bettors, Bitcoin should be something they are already some amount of familiar with. Most of the big online sportsbooks accept Bitcoin, and most of them also give out bonuses for using the digital currency.

However, there are more ways to make money with Bitcoin than either using it to bet or holding onto it in a bid to wait for a price increase as people buy back in.

For example, right now at BetOnline’s sportsbook, there is a bet on where the price of Bitcoin will end up by the end of the month, March 31st, at 11:59 p.m.

The odds are as follows:

Currently, one Bitcoin costs around $5,400. This comes after a marked decrease in price on March 11th-March 12th, wherein Bitcoin fell from $7,900 dollars per coin to $4,800 dollars per coin.

Since February 19th, Bitcoin has lost a little less than half of its value, falling from $9,600 to where it currently sits at $5,400.

The betting markets expect it to stabilize in the area it is currently in, the $5,000 to $7,500 range, which has -110 odds, making it the favorite against the field.

The next most likely outcome is another drop, which likely implies the US economy getting some amount worse, as the range of $2,501-$5,000 clocks in with +150 odds.

After that, the worst-case scenario for Bitcoin users - $2,500 and under – has +300 odds.

The full-blown recovery explosion options are at the very bottom in terms of likelihood, according to the sportsbooks.

A $7,500-$10,000 price would represent a significant recovery in a very short period of time, and as such, has +400 odds indicating the relative unlikeliness of such an event.

Over $10,000 would represent something incredibly odd – Bitcoin was last over $10,000 in September of 2019, and since then, the world economy has only gotten worse. A Bitcoin surge to this degree is exceedingly unlikely, which is why it has +1400 odds, the longest odds of all of these options by a large amount.

Bitcoin looks to be volatile, but if bettors have strong opinions or evidence as to which way it will go in the near future, there’s an excellent hedging opportunity for them to take advantage of now.