Although that sounds logical. Most folks want it as cheap as they can get it. And when there seems to be no urgency to get these cheap shares they are willing to not go after the ASK. After all this is not about buying the company they just want shares to flip. If they were really confident and buying the company they would be thrilled to pay the ask at anything close to these levels.
It is easy to figure out what you believe. The difficulty lies in determining - is what you believe the truth.