Bitcoin Dumps - Price Target Still $1800

Hey you, welcome back to the channel and I hope you're having a fantastic weekend. Want to talk to you all today about what's been happening with Bitcoin over the last 48 hours. Uh, we saw a price rise in Bitcoin we hadn't seen in a while. We were wondering what caused this price rise. Some speculated it had to do with the CME and a rise in the purchase of Bitcoin futures contracts. And others go back to the idea of wash trading over centralized exchanges. So we're gonna talk a little bit about that today and see what's going to happen with Bitcoin. So looking at the situation with centralized exchanges, I did a video that covered some very disturbing reports on the numbers we're seeing that goes out about the value of Bitcoin. The numbers are so frightening that it's— I'm almost afraid to tell you all what it is because it's almost ridiculous if you really think about it, but I'm going to tell you anyway. One speculation is that all the numbers we are seeing throughout the cryptocurrency space is that only 1% of it is real trading, right? The rest of it is trading going out of Bitcoin, going out of Tether, being reported, circulated back around, but it's not accurate trading. It's just, uh, given the appearance that it is there. We have to remember that the cryptocurrency space is still like the Wild Wild West, guys. Remember, there's no regulation in these things like what you get in traditional marketplaces. And so we don't even know if we can believe these numbers or not, right? And because of that, that's why we can see all these erratic price moves, these drops and declines in prices almost overnight. Right? So let's talk about what are some of the things we should look at? Like what, what can we trust in this space and what is reliable? And if the charts aren't reliable, if the graphs aren't reliable, then what is reliable, right? And that's why, especially in this space, primarily in this space, you don't see me do a lot of technical analysis that depend on charts and graphs because, you know, I think that the nature of this market is very important that we focus on fundamental analysis. And I know a lot of people say, well, you can trust the charts and graphs, it shows behavior, but not if we can't trust those numbers, not if The wash trading is like, it's like 99% wash trading, only 1% real trading. And of course, there's no way to verify those numbers. There have been some independent investigation groups and agencies that have went in and have came up with numbers like this. And I don't think it's, you know, they were made up numbers or mistaken numbers. I don't know how accurate they were, but I'm, I can pretty much agree that they're probably pretty close, right? You know, even if it was like 10%, if they were off by 10% and 90% of what we saw going on is wash trading, you know, which is basically just this kind of fluffed up idea of all this volume trading is happening, that would still be greatly catastrophic to the market, to the cryptocurrency marketplace, right? So, uh, what can we trust? Like, what should we be looking at? And, um, you know, and how should we go about this? So when it becomes a situation like this, I go back, I fall back on my traditional investment ideas, and that is invest in things you use. Every day, right? If you wanna buy something, if you wanted to in traditional investing buy a stock in a company, the best stock to buy would probably be in something that you use every day. Not that someone else uses, or not that someone else tells you that is a good buy and will be a good buy in the future because nobody has a crystal ball. Nobody really knows the market. If they did, they'd all make the right trades and everybody would be rich. but you can depend and rely on that you're actually using these products daily. And here's the problem with the cryptocurrency space. And here's the situation we fall in. And this is where we kind of leave reality at the door, right? This is where we suspend reality and keep going. And that is when it comes to the demand and supply of these products, are we actually using these products? And if we are, then it's a good investment. If we aren't, then it's not. But it comes down to this: are you using Bitcoin or are you just speculating with it, right? When's the last time you purchased something with Bitcoin? You know, do you make it a habit to go to places that accept Bitcoin and invest your money there? Do you go through the extra hurdles to do it? Because if you do not, you are not helping the demand factors and what's gonna be needed to really create true volume in these cryptocurrency markets. And until you find a cryptocurrency you're doing that with and you can do it with, this is gonna continue to persist, right? Until then, it's gonna feel just like a casino of numbers moving up and down. So you have to really use this stuff. So let's look at, let's try to get into some ideas of stuff we actually use. And on this series, I do a, a series called, or in these, in my videos, I do a series called In Search of Good Tokens, right? Search of Good Coins. And it goes into coins that we will actually be using, that we will actually need to use, and that will work better used over the blockchain, right? Because when we think of Bitcoin, Bitcoin has the staying power because It was the first side of the gate, right? But the true reality of what is the value in cryptocurrency is blockchain technology itself. It's not really Bitcoin, it's not the other coins, it's just blockchain technology, right? And, and, and what you do with it. Now, of course you can use the Bitcoin blockchain, you can use the Ethereum blockchain, you can use several other blockchains. The use of how these blockchains are used is what's going to matter. And right now Bitcoin isn't really being used in the capacity to substantiate many of the valuations that we're getting, and that's why the price doesn't hold, right? Um, so what can we do? Well, first my suggestion would be invest in blockchain products and technologies that you actually use, even if it's a gaming type of application, at least you're using it, right? You know, it's use going on there and that price will probably somewhat be more true to its value. Now, also I want to say about all of this is that there are, because there is so, so much history of Bitcoin, so much activity in Bitcoin, so many wallets in Bitcoin, so much infrastructure in Bitcoin, that there are going to be a great deal of people who are using Bitcoin. Pardon me. Uh, there are going to be a great deal of people who, um, use Bitcoin. And so in that respect, uh, Bitcoin is going to have a great deal more domination in this space than many other cryptocurrencies. But Bitcoin, if you're concerned about the price of Bitcoin, which reality speaking here, many people are, you know, for the most part, in order really for you to have the kind of perhaps gains you want to see in Bitcoin, let's just look at the math here and let's just look at the numbers for a moment. Bitcoin's just under $4,000, now $3,800. But for every dollar I invest in Bitcoin, for me to see a return on that money, for me to basically, you know, double my money or get 3 or 4 or 5 times my money, that means Bitcoin would have to increase in value to something like $8,000 to $12,000 to $16,000, right? And a lot of people, you know, I think at this point in time, looking at the demand of Bitcoin, uh, looking at how it's being used, uh, at least at this point in time, a lot of people, uh, probably would find that an impossible feat at this time. Also, we have to understand that in some capacity, the value of Bitcoin is also going to follow what it, what it costs to produce Bitcoin, right? Um, and the resources that it caught, that it, that is, uh, in relation to that. So, um, in some earlier videos we did a, uh, a basically an, uh, uh, averaged out the cost of production of Bitcoin across the globe and mostly was targeted to China because China has most of the Bitcoin dominance as far as when it comes to mining. And that price came up to something like around $3,100, but it was based on mining rigs that run about, about as twice as efficient as when that number was taken. So we come up with numbers more close to around about $1,600 or so. And probably due to that, when you consider profits and a variety of things, it kind of brings me to a price range of about $1,800. Now, uh, whether it hits that number or not makes my predictions quite bearish on Bitcoin in its present state, coupled with supply and demand factors, right? So putting all that into consideration as we invest in Bitcoin, and it's very hard to get the kind of returns we want because Bitcoin is such an expensive cryptocurrency at about $4,000, how far it would have to go. That's why, uh, You know, in my mind's eye, there are new projects related to Bitcoin on the rise that might be more of a better investment choice, I think, for many people who are looking for the actual use of Bitcoin and the value going up, right? And one such project is one I'm involved with now called BitcoinMYK. It doesn't require you to buy the token as long as you're a Bitcoin holder. All you need to do is claim the Bitcoin from the wallet that you hold, uh, and you receive the same equal ratio of Bitcoin to Bitcoin MYK in ratio. It's a— it's like over 4 to 1 ratio of Bitcoin MYK to Bitcoin. And what is Bitcoin MYK? Bitcoin MYK, simply put, is using another chain but copying the Bitcoin ledger, uh, at all times so that you're able to transact your represented value of Bitcoin, uh, across the blockchain. Uh, leave your Bitcoin in its vault like gold, trade against the value of it with your Bitcoin MYK tokens. Uh, and because it's at a rate now, we're still a deflationary currency much like, uh, Bitcoin. It's at such a low rate as people get in, it's going to allow for the growth of BitcoinMYK as more people join the network with their represented value of Bitcoin. And as the way that the network is constructed, uh, it allows value to be created throughout the network, dissipated across the blockchain, uh, and the transactional fees are free provided you claim your BitcoinMYK calendar months without them going into the transactional fee penalties. So you have a certain window you have to claim in before those, uh, penalties hit your account. But we believe this is a great solution and a great project to help to address the problems that lie now in the cryptocurrency market. The only way we think this can be solved at this point in time will be good distribution of tokens, getting the tokens out to a lot of people. Now, another problem with Bitcoin is No one's incentivized to market for Bitcoin and get other people using it, which is different with Bitcoin NYK. It's copying the Bitcoin Ledger, though there is incentive for people to spread the message about cryptocurrencies and Bitcoin. So that's why we believe this is the best solution going forward. Uh, subscribe to the channel. You can get all the information you need about Bitcoin NYK. Uh, a lot easier for Bitcoin NYK to go 3, 4, 5 times than for Bitcoin to do that. And that's why we need to really rethink, uh, what we're hoping to get out of Bitcoin itself as it is, uh, and if it's going to make some of the gains that we hope it is. And whereas I do have an optimistic future for Bitcoin, I do have to be realistic and consider that there can possibly be, uh, other better uses to the blockchain that come about, uh, in addition to Bitcoin. And so I, I think that's something that has to be considered as well because the real value in the technology is in blockchain technology. It's not so much in a particular token or coin. And even though Bitcoin has had the advantage of leading the pack, it doesn't stop the fact that demand is needed and that supply and demand are real factors that affect any market. These are universal rules, these are universal laws, and they They are undeniable, and we're seeing that happen in cryptocurrency when we see these erratic price changes and what some deem to be market manipulation and wash trading. But the only way out of this is through good distribution, really good distribution. That is the only way out of this, and a product that people actually use every day, you know, whether it's entertainment or gaming or whether you do live in a state of affairs where the banking system is collapsed or has collapsed and the government is in decline. But without those factors, we're basically kind of going to be stuck in this very erratic market set of circumstances. But anyway, guys, subscribe to the channel, like the video if you think it makes sense or you agree with it, and we can get more information about this going more, but that's all I want to say in this video, guys. If you like content like this, don't forget to like, subscribe, and until next time, take care.