Bitcoin Investors Expect Further Price Decline
Bitcoin’s price has been on a steady rise since falling below $15,000 in 2022 after the FTX collapse. This has led to bullish sentiment among investors who anticipate the start of another bull market. However, not all investors share this optimism, as evidenced by the significant number of buy orders placed at prices more than 65% below Bitcoin’s current value.
Massive Buy Wall at $12,000
A developer recently revealed a massive buy wall waiting for Bitcoin’s price to crash further. This revelation came from a user on X (formerly Twitter) who goes by @tedstalksmacro. The post disclosed that there were 4,500 BTC bids sitting around 65% below the current price of Bitcoin, totaling $54 million. This buy wall represents the largest at any price point for the cryptocurrency.
Expectations of a 68% Drop
The existence of these 4,500 BTC bids at the $12,000 mark indicates that these investors anticipate further price declines for Bitcoin. If the price were to return to this level, it would mean a drop of approximately 68% from its recent trading range of $37,500 to $38,000.
Long-Standing Buy Wall
It is worth noting that the buy wall with 4,500 BTC bids has been standing for over a year and did not recently appear. Despite the market moving beyond this level, some investors still hold onto the belief that a decline to $12,000 could still occur.
Market Reversal and Investor Sentiment
While many people have accepted that the market has been reversing for over a year now, there are still those who are waiting for the price to reach $12,000. Some investors believe that this level would provide a good buying opportunity, with the hope of accumulating more coins at a lower price.
Hot Take: Bitcoin Investors Divided on Price Outlook
Bitcoin’s recent rise has sparked optimism among investors, but not everyone shares the bullish sentiment. The existence of a massive buy wall with 4,500 BTC bids at $12,000 suggests that some investors anticipate further price declines. While the market has already moved beyond this level, there are still those who cling to the belief that a drop to $12,000 could still happen. This division in investor sentiment reflects the uncertainty and unpredictability of the cryptocurrency market. Only time will tell whether Bitcoin will continue its upward trajectory or experience another significant decline.
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