The past few days have been nothing short of violent rollercoasters that brought bitcoin and most altcoins down to multi-month lows.

Analysts are now split on whether the largest cryptocurrency has bottomed at $94,000 after dumping by $13,000 in just three days.

Final Shakeout Ahead?

BTC ($96,040.00) is notorious for its volatility, especially in the TradFi ecosystem, where double-digit price moves in either direction are almost never seen. Bitcoin has definitely matured lately compared to its previous massive crashes of 20-30% in a day. However, it still endures some vivid fluctuations, which seem more violent now, given the higher price. Percentage-wise, though, even yesterday’s big crash pales in comparison to countless others in the past.

Some analysts called the Friday crash a breeze, while others believe the real bottom is not in, and the asset could drop to as low as $74,000. Merlijn The Trader also noted that there could be another leg down in BTC’s cards, due to the existence of a CME gap at around $92,000. Such gaps are often filled, even weeks or months later, and Merlijn suggested that the final shakeout might be around the corner.

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

The Bull Case

After predicting another retracement to $92,000, the analyst outlined that it could be the exact push the cryptocurrency needs to stage another rally to fresh peaks. In a separate post, Merlijn noted that Phase E was confirmed as the Wyckoff blueprint “played out to perfection.” He doubled down that this is the final zone of shakeouts and added:

“This is where smart money quietly reloads…
While retail screams for lower prices.

The cycle always repeats.
The question is are you ready this time?”

Additionally, Merlijn outlined the declining BTC reserves on exchanges, which just hit a new all-time low. He commented that such supply drops are rarely combined with price pullbacks, and described it as the “perfect storm is brewing.”

BULLISH SIGNAL:

BITCOIN EXCHANGE RESERVES JUST HIT
THE LOWEST LEVEL IN HISTORY.

SUPPLY IS DISAPPEARING.
PRICE IS PULLING BACK.

THIS COMBO IS EXTREMELY RARE.
WHEN PRICE DROPS WHILE SUPPLY HITS RECORD LOWS…

THE PERFECT STORM IS BREWING. pic.twitter.com/laymsrqK9v

— Merlijn The Trader (@MerlijnTrader) November 15, 2025

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