Bitcoin 65% Crash Possible? $54 Million In Buy Orders Pile Up At $12,000
Bitcoin is still trending at a reasonably high price, especially after falling below $15,000 in 2022 following the FTX collapse. Given its rise since then, investors have turned bullish, expecting the start of another bu...
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Bitcoin is still trending at a reasonably high price, especially after falling below $15,000 in 2022 following the FTX collapse. Given its rise since then, investors have turned bullish, expecting the start of another bull market. However, not all investors have bought into this bullish narrative for Bitcoin and this is evidenced by the amount of buy orders sitting at prices more than 65% below its current value.
4,500 BTC Bids At $12,000In an interesting turn of events, a developer has revealed a massive buy wall waiting in the expectation that the Bitcoin price will crash further. One X (formerly Twitter) user who goes by @tedstalksmacro took to the social media platform to reveal the massive buy wall.
According to the post, there were 4,500 BTC bids waiting at around 65% below the current price of Bitcoin. These Bitcoin bids came out to a total of $54 million, going by the asset’s price at the time, and made up the largest buy wall at any price point for the cryptocurrency.
These 4,500 BTC bids at the $12,000 mark suggest that these Bitcoin investors expect the price to keep falling. Now, if the Bitcoin price were to return to this level, it would mean an approximately 68% drop from the tight range of $37,500 to $38,000 that the price has been trading at.
Another X user pointed out that the buy wall did not recently appear. Rather, the 4,500 BTC bids have been standing for more than a year.
Why Investors Are Expecting Bitcoin To FallIn response to Ted’s post, another X user, Luke Broyles, took to the platform to explain why there are so many bids for Bitcoin at $12,000. According to Broyles, the bids are a result of a “big unit bias level” that investors developed during the FTX crash.
When the crypto exchange filed for bankruptcy in 2022 and the Bitcoin price dropped to $15,000, the calls for a decline to $12,000 had intensified. But of course, that never happened. However, not all investors have let go of the belief that this could still happen.
Broyles explains that “many people have either $10k or $25k saved up which would’ve made a nice comfy amount of coins at $12k.” Further adding that “Buying 2 coins at $12k sounded better than buying 1.5 in low teens.”
The crypto enthusiast posits that the market has already moved beyond this level, although some people have yet to accept it. “Lots of people still waiting for $12k… still yet to accept market has been reversing for over a year now,” Broyles concludes.
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