The bears are re-emerging in the market as Bitcoin’s value slips below the $100,000 threshold for the second time this week, amidst a prevailing bearish sentiment. This trend has led several previously optimistic analysts to reconsider their positions on Bitcoin. Notably, analyst Merlijn The Trader has raised a significant warning about potential price drops, pointing to historical rejection levels that could signal a larger downturn.

IT’S OVER FOR BITCOIN. SEE YOU ALL IN FOUR YEARS.

Same line. Same rejection.
Every cycle appears unbreakable until this specific line disrupts the momentum.

While this isn’t a breakdown yet, history indicates we should respect this line.

Breaking this or failing to do so will determine the next steps. Link to image — Merlijn The Trader (@MerlijnTrader) November 7, 2025

The warning arrives as Bitcoin was capped at just over $104,000 earlier in the week before falling to $100,500 and finally dipping to $99,700 recently on Bitstamp.

This marked the second instance of dropping below the $100,000 mark this week following a significant crash on Tuesday that reduced it to a five-month low of $99,000. Analyst Altcoin Sherpa also chimed in, suggesting that if the $100,000 support fails, Bitcoin could slide as low as the low $90,000s.

The declines have also affected altcoins, with Ethereum plummeting over 5% to near the $3,200 mark again. XRP has similarly dropped below its $2.20 support level. Other coins such as SOL, WBT, and HYPE have followed suit.

These price fluctuations have impacted over-leveraged traders heavily, with over 220,000 of them forced out of the market within a day, leading to liquidations totaling nearly $700 million, the largest of which occurred on Hyperliquid worth more than $15 million.

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Liquidation Data on CoinGlass