[DigitalToday reporter Yoonseo Lee] Warnings are growing again in the bitcoin market that the latest decline may not mark the bottom of the bear market.

On June 8 (all times local), blockchain media outlet Cointelegraph reported that some traders see the main low forming no earlier than the third quarter and possibly in the fourth quarter, even if bitcoin attempts a short-term rebound.

Bitcoin began the second week of June in a bearish tone. It stabilised slightly after the weekly close, but assessments said there was a lack of clear positive catalysts that could change market sentiment.

Trader Lennart Snyder cited last week’s bearish candle close and an imbalance zone remaining near $72,500. He said if the prior weekly low of $59,100 holds, this week’s final upside target could be $72,500.

Separately from the short-term rebound view, many also think more downside remains. Mark Cullen warned that bitcoin swept through the $60,000 area faster than expected and that even if a relief rally emerges, the bear-market bottom has not yet arrived. Analyst ColinTalksCrypto also pointed to bitcoin closing below the 200-week simple moving average (SMA), a key long-term trend line, and argued it is likely to set a new low in the fourth quarter after a 1 to 3-month rebound. He added that the fourth quarter is likely to be the bottom of this cycle.

Macro factors this week are also adding to market anxiety. The United States is due to release its May consumer price index (CPI) and producer price index (PPI), and markets are again watching the Federal Reserve's policy path.

Research firm The Kobeissi Letter noted that, under its base scenario, two rate hikes are priced in through early 2027, and the probability of three hikes by April 2027 has risen to 17 percent. Concerns have also emerged that if inflation and rate burdens rise again, volatility could increase across risk assets.

Stock-market moves were also cited as a source of uncertainty. South Korean stocks fell about 8 percent shortly after the open on June 9, triggering a trading halt as volatility surged. Nick Puckrin, founder of crypto platform Coin Bureau, said, "Something is changing in the world's hottest stock market." Michaël van de Poppe said that because stocks plunged last Friday evening, crypto prices could face additional downward pressure early this week.

Middle East risks also remain a factor. With military tensions between the United States and Iran continuing, U.S. President Donald Trump said recent attacks would not affect ongoing peace talks. Markets were briefly reassured by the remarks, but assessments said it was hard to conclude geopolitical uncertainty had been resolved. Oil prices also strengthened early in the week, with West Texas Intermediate (WTI) rising back above $95 a barrel.

On-chain indicators are sending both bottoming signals and warning signals. CryptoQuant analyst XWIN Japan said speculative overheating has been largely cleared out, citing the realised profit-and-loss ratio of long-term and short-term holders, the amount of bitcoin supply in loss, and the 200-day SMA. Demand weakness remains a burden, however, as attention shifts to technology stocks.

Investor sentiment has frozen into the extreme fear zone. The crypto Fear and Greed Index stood at 8 as of June 9. That is the lowest level since early April and near a record low. On-chain analytics firm Santiment assessed current sentiment as the strongest pessimism since mid-February. It also noted that historically, such widespread despair often appears near market bottoms.

Ultimately, the bitcoin market this week is likely to unfold as a contest between the potential for a short-term technical rebound and worries about an additional low later this year. U.S. inflation data, shifting rate expectations, stock-market volatility, Middle East developments and extreme fear have emerged as key variables that could determine whether bitcoin regains the $60,000 level and its next direction.