Bitcoin crashed to $58,700 on Thursday and now options traders are convinced it will crash as far as $52,000 before the year is over, which would be its lowest level since August 2024.

That decline saw Bitcoin fall by almost 52% from its all-time high and left the OG crypto below the $60,000 level, which traders had sought to defend throughout the year. This area has remained supportive of the price since February, again defended for the first two weeks of June before succumbing to an advance to just above $67,000.

The outlook for options trading is not looking good at the moment. Investors are paying a lot to protect themselves, and most of these are expecting further downward movement if Bitcoin continues to drop.

This happened mainly on…