Bitcoin is still popular at a fairly high price, especially after falling below $15,000 in 2022 following the FTX collapse. Given the rise since then, investors have turned bullish, anticipating the start of a new bull market. However, not all investors have bought into this bullish story for Bitcoin and this is evident from the number of buy orders at prices more than 65% below current value.
4,500 BTC bids for $12,000
In an interesting turn of events, a developer has done just that revealed a huge buying wall waiting in anticipation of the Bitcoin price falling further. One
According to the post, there were 4,500 BTC bids waiting at approximately 65% below Bitcoin’s current price. These Bitcoin bids totaled $54 million, based on the asset’s price at the time, and represented the largest buying wall for the cryptocurrency at any price.
Source: X
These 4,500 BTC bids at $12,000 suggest that these Bitcoin investors expect the price to continue falling. If the Bitcoin price were to return to this level now, it would mark a drop of around 68% from the tight range of $37,500 to $38,000 that the price has been trading at.
Another X user pointed out that the buying wall has not appeared recently. On the contrary, the 4,500 BTC bids have been standing for over a year.
BTC struggles to hold $37,700 | Source: BTCUSD on Tradingview.com
Why Investors Expect Bitcoin to Fall
In response to Ted’s post, another X user, Luke Broyles, took to the platform to explain why there are so many bids on Bitcoin at $12,000. According to Broyles, the bids are the result of a “big unit bias level” that investors developed during the FTX crash.
When the cryptocurrency exchange filed for bankruptcy in 2022 and Bitcoin’s price dropped to $15,000, calls for a drop to $12,000 grew stronger. But of course that never happened. However, not all investors have abandoned the belief that this could still happen.
Broyles explains that “a lot of people have saved $10,000 or $25,000, which would have given them a nice comfortable coin count of $12,000.” He further added, “Buying 2 coins for $12,000 sounded better than buying 1.5 in the low teens.”
The crypto enthusiast states that the market has already surpassed this level, although some people have yet to accept this. “A lot of people are still waiting for $12,000… the market has been turning around for over a year,” Broyles concludes.
Featured image from GetBlock.net, chart from Tradingview.com