bitcoin continues to trend at a reasonably high price, especially after falling below $15,000 in 2022 following the FTX collapse. Given its rise since then, investors have become optimistic, awaiting the start of another bull market. However, not all investors have accepted this bullish narrative for bitcoin and this is evidenced by the number of buy orders at prices more than 65% below its current value.
4,500 btc offers at $12,000
In an interesting turn of events, a developer has revealed a massive buy wall waiting in the expectation that the price of bitcoin will fall further. An X (formerly Twitter) user who goes by the name @tedstalksmacro took to the social media platform to reveal the massive shopping wall.
According to the post, there were 4,500 btc bids waiting at approximately 65% below the current bitcoin price. These bitcoin offerings totaled $54 million, based on the asset’s price at the time, and constituted the largest buy wall at any price for the cryptocurrency.
<img decoding="async" class="alignnone size-medium wp-image-563176 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=460&resize=460%2C450″ alt=”bitcoin $12,000″ width=”460″ height=”450″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=1280 1280w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=460&resize=460%2C450 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=42 42w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/bitcoin-12000.jpeg?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Source: X
These bids for 4,500 btc at the $12,000 mark suggest that these bitcoin investors expect the price to continue falling. Now, if bitcoin price were to return to this level, it would mean a drop of approximately 68% from the narrow range of $37,500 to $38,000 that the price has been trading in.
Another user he pointed that the buy wall did not appear recently. Rather, the 4,500 btc offers have been up for over a year.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Crypto-Analyst-Who-Sold-Bitcoin-Top-Reveals-How-to-Buy" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1530″/>
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 offers for bitcoin at $12,000. According to Broyles, the bids are the result of a “large level of unitary bias” that investors developed during the FTX crash.
When the crypto exchange filed for bankruptcy in 2022 and the price of bitcoin fell to $15,000, calls for a drop to $12,000 intensified. But of course, that never happened. However, not all investors have abandoned the belief that this could still happen.
Broyles explains that “many people have $10,000 or $25,000 saved, which would have made a nice comfortable amount of coins at $12,000.” He further added that “Buying 2 coins for $12,000 sounded better than buying 1.5 for cheap.”
The cryptocurrency enthusiast claims that the market has already surpassed this level, although some people have not yet accepted it. “A lot of people are still waiting for $12,000… they still haven’t accepted that the market has been reversing for over a year,” Broyles concludes.
Featured image from GetBlock.net, chart from Tradingview.com
