Bitcoin is experiencing its longest losing streak since June 2024, marking four consecutive weeks of losses. Currently, it sits at $87,400, down 24.43% this quarter, which would make it the worst performance since 2018. While there's been a slight recovery from a low of $82,100 on November 21, the outlook remains uncertain. Sean Dawson, head of research at Derive, warns of a potential bull trap if Bitcoin dips below $80,000 before recovering. Despite the bearish trend, an on-chain metric indicates rising demand. The spot bid-ask delta has surged to its second-highest level in 2025, reflecting increased buying interest. In the past, similar spikes have marked bottoms, leading to significant recoveries. However, Dawson remains cautious, citing ongoing market pressures and a high volume of puts in the options market, particularly for December 2025. Concerns around inflation and the Federal Reserve's monetary policy add complexity to the market dynamics. Looking ahead, Dawson is optimistic about a potential recovery to $100,000 by Q1 2026 but is bearish for the remainder of 2025. He anticipates Bitcoin could briefly fall into the mid to high $70,000 range before rebounding to around $90,000 by year-end, contingent on the Fed's stance. Key events, such as the Fed's interest rate decision on December 10, could significantly impact Bitcoin's trajectory and overall market sentiment.