{"id":33480,"date":"2023-11-30T14:52:54","date_gmt":"2023-11-30T18:52:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33480"},"modified":"2023-11-30T14:52:54","modified_gmt":"2023-11-30T18:52:54","slug":"bitcoin-65-crash-possible-54-million-in-buy-orders-pile-up-at-12000","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/30\/bitcoin-65-crash-possible-54-million-in-buy-orders-pile-up-at-12000\/","title":{"rendered":"Bitcoin 65% Crash Possible? $54 Million In Buy Orders Pile Up At $12,000"},"content":{"rendered":"

Bitcoin is still trending at a reasonably high price, especially after falling below $15,000 in 2022 following the FTX collapse<\/a>. 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<\/a> and this is evidenced by the amount of buy orders sitting at prices more than 65% below its current value.<\/p>\n

4,500 BTC Bids At $12,000<\/h2>\n

In an interesting turn of events, a developer has revealed<\/a> 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.<\/p>\n

According to the post, there were 4,500 BTC<\/a> 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\u2019s price at the time, and made up the largest buy wall at any price point for the cryptocurrency.<\/p>\n\n

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<\/a> 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.<\/p>\n

Another X user pointed out<\/a> that the buy wall did not recently appear. Rather, the 4,500 BTC<\/a> bids have been standing for more than a year.<\/p>\n\n

Why Investors Are Expecting Bitcoin To Fall<\/h2>\n

In response to Ted\u2019s post, another X user, Luke Broyles, took to the platform to explain<\/a> why there are so many bids for Bitcoin at $12,000. According to Broyles, the bids are a result of a \u201cbig unit bias level\u201d that investors developed during the FTX crash.<\/p>\n

When the crypto exchange filed for bankruptcy in 2022 and the Bitcoin price dropped to $15,000<\/a>, 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.<\/p>\n

Broyles explains that \u201cmany people have either $10k or $25k saved up which would\u2019ve made a nice comfy amount of coins at $12k.\u201d Further adding that \u201cBuying 2 coins at $12k sounded better than buying 1.5 in low teens.\u201d<\/p>\n

The crypto enthusiast posits that the market has already moved beyond this level<\/a>, although some people have yet to accept it. \u201cLots of people still waiting for $12k\u2026 still yet to accept market has been reversing for over a year now,\u201d Broyles concludes.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin is still trending at a reasonably high price, especially after falling below $15,000 in 2022 following the FTX collapse<\/a>. 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<\/a> and this is evidenced by the amount of buy orders sitting at prices more than 65% below its current value.<\/p>\n

4,500 BTC Bids At $12,000<\/h2>\n

In an interesting turn of events, a developer has revealed<\/a> 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.<\/p>\n

According to the post, there were 4,500 BTC<\/a> 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\u2019s price at the time, and made up the largest buy wall at any price point for the cryptocurrency.<\/p>\n

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<\/a> 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.<\/p>\n

Another X user pointed out<\/a> that the buy wall did not recently appear. Rather, the 4,500 BTC<\/a> bids have been standing for more than a year.<\/p>\n

Why Investors Are Expecting Bitcoin To Fall<\/h2>\n

In response to Ted\u2019s post, another X user, Luke Broyles, took to the platform to explain<\/a> why there are so many bids for Bitcoin at $12,000. According to Broyles, the bids are a result of a \u201cbig unit bias level\u201d that investors developed during the FTX crash.<\/p>\n

When the crypto exchange filed for bankruptcy in 2022 and the Bitcoin price dropped to $15,000<\/a>, 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.<\/p>\n

Broyles explains that \u201cmany people have either $10k or $25k saved up which would\u2019ve made a nice comfy amount of coins at $12k.\u201d Further adding that \u201cBuying 2 coins at $12k sounded better than buying 1.5 in low teens.\u201d<\/p>\n

The crypto enthusiast posits that the market has already moved beyond this level<\/a>, although some people have yet to accept it. \u201cLots of people still waiting for $12k\u2026 still yet to accept market has been reversing for over a year now,\u201d Broyles concludes.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33480","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33480"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33480\/revisions"}],"predecessor-version":[{"id":33496,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33480\/revisions\/33496"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33480"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}