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1.
When you're on the verge of doing something awesome but back out at the last second or fail to accomplish your objectives due to cowardice.

Whether it's gaining a sizable lead during a Street Fighter match but ultimately losing or posting an inflamatory response on the forum then deleting it are two common examples of how to bottle it.

Also see bottler.
Oh my god, he's going to bottle it... BOTTLER!
by TheFunPolice May 12, 2005