Bitcoin unlikely to hit $70K in August, with traders expecting range-bound prices amid market uncertainty.

Traders on Polymarket estimate only a 27% chance that Bitcoin will reach $70,000 this August, while a 40% chance exists for a drop to $60,000. Bitcoin currently trades around $64,333, showing a market expectation of limited upward movement beyond $65,000. The cryptocurrency has declined about 50% since its October 2025 peak and faced significant outflows from US spot bitcoin ETFs earlier this year. Market sentiment remains cautious, with key events like the Federal Reserve's Jackson Hole meeting later this month seen as potential catalysts for price movement.