Bitcoin's Turbulent Week Sparks Warnings of Further Downside

Bitcoin's recent performance has been marked by a significant decline, with the token falling to its weakest level since October 2024. The weekly drop of around 19.5% from the weekly open to the low is particularly concerning for market watchers.

The absence of a clear single catalyst for this downturn makes it difficult to predict when or if the market will recover. Paul Howard, senior director at crypto trading firm Wincent, has described the current environment as a 'silent bear market', characterized by a slow-burning erosion of confidence rather than a sudden collapse.

Griffin Ardern, co-founder of multi-asset manager Primal Fund, also expressed caution, stating that he believes there is further downside and that Bitcoin may not have yet reached its bottom. Ardern noted that longer-dated options tend to show a bullish shift in positioning at genuine bottoming points, something that is not yet materialising in current derivatives markets.