Bitcoin prices may have further downside before they find a bottom, if the predictions of traders going short on the cryptocurrency end up being correct. Traders have been seen adding puts on bitcoin, according to data from Deribit. Near-term, traders appear to believe that bitcoin could lapse to around $54,000. A majority of puts dated for expiration this Friday are at the $54k mark, according to Deribit, while those dated for expiration next Friday are around $56k. Call options take back control closer to the end of the month, according to the data. The average realized price for bitcoin sits around $53,000 as of now, says analysts with Bitfinex in a note. "Historically, this is the line past which an extended trade marks full capitulation," says the firm. (kirk.maltais@wsj.com)