Bitcoin (BTC) price recently took a dramatic downturn, dropping $13,000 in just three days. The crash has raised questions about whether the cryptocurrency has reached its lowest point. Analysts are divided, with some suggesting Bitcoin may have bottomed at $94,000. However, others warn that further declines may be in store.
The price drop sent Bitcoin to multi-month lows, leaving many wondering about the next move. Some analysts believe the $94,000 mark could signal the bottom for the Bitcoin price. However, this view is not unanimous, with others suggesting a possible further drop to $74,000.
Merlijn The Trader, a prominent analyst, has been vocal about the potential for another leg down. He pointed to a CME gap around $92,000. “CME gaps are often filled, even weeks or months later,” Merlijn commented. This gap could result in a further retracement before Bitcoin price finds support.
BITCOIN LOVES TO FILL THE GAPS.
$97K: DONE.
$92K: NEXT?
Final shakeouts are brutal.
But once they’re done…
Bitcoin takes off when everyone least expects it. https://t.co/wAoRkGFRn2 pic.twitter.com/9q7dYV3Z6C
— Merlijn The Trader (@MerlijnTrader) November 15, 2025
Merlijn’s analysis also highlighted the importance of Wyckoff’s market cycle in understanding Bitcoin’s behavior. He noted that the “Phase E” of the Wyckoff pattern has been confirmed, which could signal the end of the shakeout phase. “This is where smart money quietly reloads while retail screams for lower prices,” he added.
The recent drop in Bitcoin reserves on exchanges supports this theory. Bitcoin reserves have reached a new all-time low, a signal that supply is decreasing. Merlijn referred to this as a “perfect storm brewing,” suggesting that Bitcoin price may soon find upward momentum.
Despite Bitcoin’s volatility, many remain confident in its potential for future rallies. The cryptocurrency market remains unpredictable, with frequent sharp price movements. Analysts will continue to monitor Bitcoin price movements closely as the situation develops.
Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
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