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Bitcoin Price Correction is Not Over !! BTC Price Can Drop To This Level!

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After reaching ATH, Bitcoin price has entered the correction phase. In the past 24 hours, the flagship currency plunged hard and dropped below $60,000. Meanwhile, Most altcoins followed suit, and the overall crypto market cap lost more than $150 billion since its peak earlier this week.

Bitcoin Price Enters Correction Phase !

As you can see in the chart, Bitcoin should test the resistance at $63,500k. On a successful breakout, the BTC bulls may possibly aim for a new all-time high.

On the downside, initial support is near $60,200. If Bitcoin price fails to hold above this level then the second support level at $58,800. 

The daily chart remains positive with support of around $59.6k, which would place it back into the middle of the strong uptrend that dominated price action since early October. A period of sideways consolidation should set Bitcoin up for a renewed move higher.

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Analyst Expects Bitcoin Price To drop at  $57,000 level ! 

In a recent video, Popular crypto analyst and trader Michaël van de Poppe tells his 136,000 YouTube subscribers that the current Bitcoin correction is likely not yet over. 

Based on Fibonacci levels, the previous high/low and Pivot targets to watch lie near $57,000.

Poppe Believes That  “This Entire Range ($57,000 -$59,000) That We’ve Got Here Is Actually The Area That I Want To See Sustained In Order To Keep The Momentum Going.

Once BTC is out of the correction phase, analysts expect a BTC price surge between 25%-50% once BTC regains its bullish momentum. As per the daily time frame, BTC price could still run all the way towards $75,000 with minor bearish divergence and a slight reversal. The Next Rally will most likely take the BTC price towards the $90,000 level. 

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Goldman Sachs and other Wall Street banks explore BTC loaning options

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  • Goldman Sachs and other financial institutions seek to use BTC as collateral for loans.
  • Top-tier banks are set to consider trading other crypto products like futures instead of cryptos themselves.

Goldman Sachs is among reputable US banks considering BTC applications as loan collateral. These financial services providers are also willing to trade cryptocurrency spin-offs like futures in the place of the original cryptos.

These banks are studying how to utilize tri-party repo arrangements to use BTC without touching its spot market. If this happens, the future of crypto brokerage could become better since these banks are already laying the excellent groundwork for the same.

Goldman Sachs is leading other institutions

Goldman Sachs is among the banks seeking approval for institutional lending using tri-party repo and collaterals per an inside source. The source added that if Sachs has a liquidation party, they will give lending services that do not involve BTC in their paperwork.

Sachs is not alone in this race; other big names like Silvergate and Signature are also planning to apply for crypto-backed loans approval. This idea first came from Brian Brooks, the chief of office of the Comptroller of Currency (OCC). Brooks said that BTC is similar to the traditional currency, and the banks can figure out a way to safe keep it.

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Another source said that while some banks want to work like Goldman Sachs in this lending method, others want to include the BTC in their paperwork. The source added that several banks are about half a year away from introducing these plans while others take longer.

Is BTC banking coming any time soon?

Currently, many financial institutions are finding their way around the crypto-financial disruption. The financial regulatory authority is also doing its stunts regarding cryptocurrency adoption. In October 2021, the Federal Deposit Insurance Corporation (FDIC) confirmed that they were studying possible solutions for holding BTC.

Next month, FDIC, Federal Reserve, and the OCC announced that they will jointly give a regulatory framework for banks to trade BTC in 2022. As a result, many banks have been exploring possible solutions towards engaging with these digital assets. These developments fuel the current craze surrounding solutions like BTC-backed loans.

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Even though these arrangements are gaining traction, the main player is still silent. The Us regulatory board, the SEC, is yet to give its stunt on this whole saga. However, the final regulatory framework for the BTC loaning may come from the SEC, OCC, or the Commodity Futures Trading Commission(CFTC).

Other crypto providers like Fidelity Digital Assets and Coinbase are also looking to partner with the US banks in BTC-backed loaning. Per reports, Coinbase is already in communication with some financial institutions seeking to offer professional advice to them. Per another source, some small lenders and non-bulge-bracket financial institutions are also open to these kinds of loans.

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10 ways to integrate bitcoin into your business

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Bitcoin is a virtual currency that has been steadily gaining interest, and it’s easy to see why. Bitcoin can be obtained through a number of ways – mining for bitcoin or buying it from one of the many exchanges out there – and it can be used to purchase merchandise as well as transfer funds from one person to another. The benefits of bitcoin are great, but you’ll need to make sure your business is able to handle accepting bitcoin as a form of payment before you integrate the virtual currency into your company.

10 different methods you can use in order to integrate bitcoin into your business

There’s a lot of overlap between business and bitcoin, as well as between business and the use of other digital currencies. Bitcoin is rapidly growing in popularity, and there are clearly a lot of benefits to owning bitcoin as an investment as well as using it as a form of payment. The Bitcoin Profit app is a great way to get your feet wet with bitcoin. Bitcoin may be best suited for smaller businesses, but even if you’re operating on an enterprise-scale – or just want to transfer funds across borders – you understand that there are benefits to using bitcoin that will influence your business.

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  1. Create an online store:

Online stores can either use bitcoins for purchases or just integrate the bitcoin payment system into their current setup. If you’re already operating an online store, it only makes sense to include the bitcoin payment system as well.

  1. Keep your bitcoins in cold storage:

Cold storage refers to keeping your bitcoins secure in a device that is not connected to the Internet. Cold storage ensures that none of your assets is accessible by hackers or corrupt individuals but can also be used as an investment opportunity for those who want to invest in bitcoin without having their assets online all of the time.

  1. Accept bitcoins as payment for goods and services:

If you sell goods or services, allowing people to pay using bitcoins is a viable option for increasing the scope of your business. Allowing people to pay using bitcoin can give you an excellent reputation among those who already operate businesses. If you’re looking to build a niche market, accepting bitcoins as payment is a great way to expand your clientele.

  1. Accept bitcoins as payment for investments:

If you’re running a hedge fund or planning on crowdfunding one of your projects through an open-source platform, accepting bitcoins could be the way to go. Bitcoin is still largely unstable, but fiat currencies are also subject to market shifts. If you can accept bitcoins as payment for investments, you’re significantly reducing the risk of losing money.

  1. Use your bitcoins to pay employees:

While it’s not a viable option for paying workers overseas, you could set up a microtransaction system that allows you to pay employees and other contractors in bitcoin. This would likely involve integrating the bitcoin system into your payroll software, but it’s possible.

  1. Buy stocks and bonds

Anytime there’s a transaction, there’s somewhat of an opportunity for using bitcoin as part of the process. Thus, you could invest in stocks and bonds, and if the company you’re investing in accepts payment in bitcoin, that certainly broadens your opportunities.

  1. Use the blockchain

The blockchain is a public ledger that provides an easy way to see how many bitcoins are held by all of the users out there and what transactions they’re making. Using this process can help you stay safe from hackers and other corrupt individuals.

  1. Invest in bitcoin companies

You can also invest directly in bitcoin companies instead of trying to get bitcoins yourself. This would require more research on your part, but it might pay dividends if one of these companies has a successful IPO or achieves massive growth through some other means.

  1. Integrate bitcoin into social media

You can use social media to bring awareness to various bitcoin companies you want to invest in, as well as post content that discusses the benefits of using bitcoin.

  1. Promote bitcoin through your company

You can promote the virtues of the virtual currency with advertisements you run through your company. It would take more investment on your part, but if you’re interested in promoting bitcoins, this is an option worth considering.

Future of bitcoin

Bitcoin is more than just a global currency – it’s also a way of exchanging information. You can’t use bitcoin to prove that you have an asset, but you could certainly use it for global money transfers that are faster and safer than any other method of transferring funds. While bitcoin is years away from mainstream adoption, it’s still gaining popularity, so the future is bright for bitcoin as well as any company that makes the decision to integrate bitcoin into their business model.

conclusion

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As stated at the beginning of this post, the best methods depend on you and your company as a whole, as well as what you hope to achieve by integrating bitcoin. Bitcoin is certainly a good investment, but if you’re planning to use the virtual currency for payment matters specifically, you’ll need to make sure your business is able to handle this at some point down the road. With more people using bitcoin for their transactions due to its many advantages, businesses will have more of an incentive to get involved with bitcoins themselves.

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BTC price passes $57.4K in a fresh surge toward February resistance

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Bitcoin (BTC) kept markets guessing into the Wall Street open on Oct. 11 after seeing rejection on hitting its highest since May.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price teases $58,000 February high

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD tracking $57,000 after reaching $57,450 on Bitstamp — its best since May 10.

In so doing, Bitcoin effectively fully canceled out the impact of China’s mining debacle and subsequent redistribution of hash rate around the world.

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Amid a celebratory mood among analysts, predictions broadly centered on a run to a six-figure peak initiating sooner rather than later.

“All data science models suggest that BTC will peak much higher than $100,000 in this cycle,” trader and analyst Rekt Capital added on the day.

Even at current prices, BTC/USD has only been higher 38 days in its lifetime, Morgan Creek Digital co-founder Anthony Pompliano noted.

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Bitcoin supply crisis becomes mainstream

That could be assisted by a unique macro-environment further adding to Bitcoin’s allure as a finite-supply investment, Bloomberg said.

In the latest of his frequent bullish Bitcoin tweets, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, highlighted upcoming turmoil over United States fiscal policy.

“Relative to rising US debt and tensions over a potential default, Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply,” he tweeted.

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“The debt-ceiling drama may work against managers that avoid allocations to Bitcoin.”

Bitcoin supply vs. U.S. debt-to-GDP chart. Source: Mike McGlone/Twitter

The concerns failed to worry the dollar at the start of the week, however, with the United States dollar currency index (DXY) climbing once more above 94 support.

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