Bitcoin 65% Crash Possible? $54 Million In Buy Orders Pile Up At $12,000
30 November 2023 - 3:00PM
NEWSBTC
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 $12,000 In 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.
Related Reading: XRP Price Prediction: Analyst Identifies 3 Key
Factors That Will Trigger Parabolic Move 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. Source:
X 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. BTC struggles to hold
$37,700 | Source: BTCUSD on Tradingview.com Why Investors Are
Expecting 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 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. Related Reading: The Other Side Of The
Bitcoin: Analyst Highlights What Happens If Bulls Fail 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.
Featured image from GetBlock.net, chart from Tradingview.com
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