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Bitcoin dips below $30K for the first time since January 5, 2021 just 16 days above $30K before Bitcoin falls below $30k. The potential outcomes are still in play, if you follow along with my articles you will recall I said, "Bitcoin will either hit $42K and than rocket to $60K or we would see a decent price correction to 29K to $32 at best and the worse case it would hit $27K.
Now with some unwarranted publicity that may be scaring financial institutions into dumping Bitcoin, as well as some statements made that have been damaging to Bitcoin. I have heard a decent amount of buzzing around the internet about the whole double spending.
The reports that double spending has occurred on the Bitcoin Block chain is a critical slur that scares people from Bitcoin. You should really do homework before making investments, Bitcoin Cash as well as Bitcoin and hundreds of other Crypto Currencies amongst us right now currently work on the Proof-Of-Work Consensus. What is Proof-Of-Work?
I would put it into simple terms by almost quoting a video I have referenced in the past, Proof Of Work is "the "ledger" with the most work done," now let's think about the BCH hard-fork. The ledger split into two different "Ledgers" that lead to the creation of two different currencies.
Now if I wanted to spend $20.00 twice on Bitcoin, I would need a server big enough in order to compete with the already existing consensus, I could send Person A $20 and Person B $20, while letting Person A still use the already existing ledger in order to believe the real transaction that has taken place, I could than broadcast a fake ledger to Person B making Person B believe the fake "Ledger" ultimately on a Hard-Forked Ledger of Bitcoin.
I would have to have enough computing resources in order to stay ahead of everyone else whom trusting a false ledger, that is why we have a consensus in place to trust the ledgers coming from miners that have the most proof of work, making them the most trustworthy nodes. While it is not impossible to hack Bitcoin, it would take a major amount of resources to manipulate or fake the Bitcoin ledger and get miners to ultimately believe the fake ledger over the real ledger.
I urge you do research this until you have the full understanding of how the blockchain consensus really works, unfortunately this will hurt Bitcoin and it will send a ripple wave about the already shaken community with XRP being targeted amongst the handful over Crypto Currencies that the United States SEC filed suits against before Clayton abruptly resigned leaving Gensler with the work load.
The United States has a lot of Officials taking over the ranks where it really counts towards crypto, speculators including myself have warned everyone about the potentially for investors to jump into the market, make billions and than dump everything while laughing to the FIAT Banks. I have also stated the FACT that the Crypto World welcomes these investors but we will never need them to ultimately see Million Dollar Bitcoin.
The world whether the media wants it to be true or not, is turning to the blockchain and while paper currency will take awhile to diminish FIAT will be gone for good sooner than later, despite the critics that say Gold is obsolete? Come on, Gold won't every disappear. Gold will always continue to be a form of accepted currency, people will always trade Gold, people will always wear Gold, the market for Gold is increasing, just not as the market for crypto or the blockchain.
We always have to think about the surreal threat of Solar Winds that would wipe out power grids World-Wide and take civilization back to the dark ages, while it may sound like the punch line to a sci-fi movie, it is indeed a real threat to society. Scientist are probably more afraid of a Solar Eruption than the effects of Climate Control. Which Climate Control Activist like to also target Bitcoin and other Crypto's because of energy consumption levels, like digital FIAT doesn't waste countless KWH's of electric?
We have so far seen a low of $28,732.00 which is about $2K above what I am expecting to be the lowest, that estimate depends entirely upon the social sentiment over the next 48 hours, as it could turn extremely negative with campaigns to attack crypto in efforts to preserve the FIAT currency, which is doomed by the politicians whom over inflate USD and other currencies.
The price of Bitcoin is at $30,463.00 and bouncing up and down, I would highly caution any incoming investments, I personally won't be folding now or ever, I will ride the ship all the way down to the bottom of the sea racking up as much as I can on the way, waiting for the straight line up to come.
I seen an article the other day talking about why the author thought this wasn't the "Bull Run" and while I can't really disagree, it is however evident that we are in a very bullish/bearish market right now and the pull backs we are seeing right now are very much anticipated pull backs by a lot of speculators online and depending on how Bitcoin reacts we could see some amazing prices in the weeks to come.