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Nobody Wanted the Cheapest Bitcoin in 18 Months: Expert Explains Investor Psychology
- Crypto Super Hub co-founder Jake Pahor stated that investors ignored Bitcoin at $60,000 but began actively buying after the market recovered.
- According to him, customer activity on crypto exchanges nearly disappeared in February amid widespread market panic.
- Pahor believes that most market participants make decisions emotionally rather than systematically.
Crypto Super Hub co-founder Jake Pahor said investors started aggressively buying Bitcoin after the market recovery, even though they had ignored the asset just months earlier at significantly lower prices.
I work at a crypto exchange full time. Front-row seat to market psychology.
When $BTC dumped to $60K in February, our phones went quiet. No new accounts. Existing customers went silent. Cheapest $BTC in 18 months and nobody wanted to touch it.
Three months later we've rallied…
— Jake Pahor (@jake_pahor) May 11, 2026
Pahor emphasized that working full time at a crypto exchange gives him “a front-row seat to market psychology.”
According to him, when Bitcoin dropped to around $60,000 in February, customer activity on the exchange declined sharply:
“Cheapest Bitcoin in 18 months — and nobody wanted to buy it.”
Three months later, after the market rallied by roughly 30%, May became one of the platform’s busiest months. Pahor noted that the same users who refused to buy Bitcoin at $60,000 are now entering the market at $80,000.
He added that the main problem for most investors is not a lack of knowledge, but the absence of a systematic approach:
“Most people invest emotionally, not rationally. Not because they’re irrational. But because they don’t have a system that prevents them from making bad decisions when emotions take over.”
Users on X supported Pahor’s position in the comments. One user noted that during the market decline, many analysts were predicting Bitcoin would fall to $40,000–$50,000. In his opinion, traders who followed their own systems were already positioned in the market.
Another user also recalled that market sentiment in February was overwhelmingly bearish, with many investors waiting for Bitcoin to drop to $40,000 before entering the market.
Similarities to Previous Bear Markets
Jake Pahor also pointed to similarities between the current Bitcoin price action and the 2018 bear market cycle.
According to him, Bitcoin formed a local bottom near $5,854 in late June 2018. Afterward, the asset staged a countertrend rally to around $8,397 in July before eventually collapsing another 62% to the actual cycle low of $3,212 in December.
The analyst noted that the current cycle shows a similar structure after scaling the numbers by roughly ten times. Specifically, he said Bitcoin formed a local bottom near $62,854 in February 2025 before rebounding toward approximately $81,425.
“This is not a prediction. It’s a pattern. Assets in bear markets don’t fall in straight lines. They have rallies that look like recoveries,” Pahor stated.
He also added that previous bear market cycles repeatedly featured false rallies before the downtrend continued. In his view, the current market dynamics could be another example of the same scenario.
Earlier, experts also reported a sustained structural shift in the Bitcoin market.
See also: "Opinion: Bitcoin Tested Annual Resistance on the Way Toward $95,000"
