Why Bitcoin may be headed to $12,000, everyone is talking about Bitcoin rallying higher after reaching the $17,000 price level. However, there is a long-term monthly downtrend in Bitcoin cryptocurrency. That’s what crypto traders forget about since they are not looking at the bigger timeframes.
Bitcoin may be headed to $12,000, as explained in previous Bitcoin video analyses and forecasts. It may take a while until Bitcoin reaches $12,000. Remember that the financial markets do not move in straight lines, so it may take a bit until Bitcoin tanks and reaches $12.000.
As technical analysts and supply and demand traders, we should about statements like “Bitcoin shining during inflation was always a myth,”
Forget about Bitcoin having never experienced an era without quantitative easing from the Fed. We don’t have control over that, and most of us won’t really understand what it implies. Bitcoin crypto has a monthly supply imbalance at $40,000 as the high-end price level and a $12,000 low-end target where a strong demand imbalance is sitting.
As supply and demand traders, we do not need to pay attention to the DeFi news or fundamental analysis. Unless you are doing very short-term trading and scalping, you should not worry about fundamentals for cryptocurrencies.
Trading is just waiting for the right trigger points and scenarios to present themselves, this game has a name, and it’s called the waiting game. We must patiently wait for the correct scenarios and setups to happen and for the price to pull back or dip into the price levels we want to trade. These price levels are made of supply and demand imbalances in our case. You can use these imbalances to plan your trades in lower timeframes.
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