BTC/USD Analysis – October 15, 2021

Bitcoin Price Prediction

The BTC/USD was last seen at $57,354.0, with a high of $58,473.0 and a low of $56,880.0. BTC/USD stayed unchanged throughout Thursday's trading session, despite mixed events in the bitcoin ecosystem. Barry Sterlicht, a famed investor and millionaire, claimed to have purchased BTC and ETH. Sterlicht has an estimated net worth of $4 billion and is the creator of Starwood Capital Group, which manages around $60 billion in assets.

Concerns about central banks and their monetary policies, which could lead to currency inflation, encouraged Sterlicht to diversify his portfolio into BTC and ETH as a hedge against this occurrence. He declared gold, one of the most extensively used assets as a store of value, to be worthless. He said that gold and silver have industrial applications and that bitcoin, rather than gold, serves as a store of value.

Strike, a Lightning Network payments company has also introduced a new function called "Pay Me In Bitcoin." Customers can programmatically convert a portion or all of their revenue into bitcoin via the app using their bank account and routing details. All Strike account holders can take advantage of this service by depositing directly into their account and quickly converting to bitcoin without incurring fees. Meanwhile, MintGreen, a cleantech cryptocurrency miner based in Canada, has announced a cooperation with the Lonsdale Energy Corporation to provide heat to residents in North Vancouver, British Columbia, beginning in 2022.

According to the release, MintGreen's digital boilers, which can recover more than 96 percent of the electricity used in Bitcoin mining, will prevent 20,000 metric tonnes of greenhouse gases from entering the atmosphere during the agreement with North Vancouver. The recovered energy will heat 100 residential and commercial buildings in the Canadian metropolis of about 155,000 people.

Furthermore, Morgan Stanley's CEO stated that cryptocurrencies, including bitcoin, were not a fad. He stated that they will not go away and that he is looking forward to seeing how regulators manage them.

All of the aforementioned occurrences aided bitcoin in securing some gains during the trading session on Thursday, but the cryptocurrency stayed flat as the gains were reversed owing to unfavorable developments.

On the other hand, Mexico's President, Andres Manuel Lopez Obrador, has stated that the country is unlikely to follow El Salvador's lead and adopt cryptocurrencies such as Bitcoin as legal tender alongside fiat currency. Obrador stated on Thursday that Mexico must retain orthodoxy in its financial management and will not change its stance on cryptocurrency.

BTC/USD Intraday Technical Levels

Support Resistance

56665.0 58258.0

55976.0 59162.0

55072.0 59851.0

Pivot Point: 57569.0

BTC/USD - Technical Outlook

Bitcoin is on a bullish streak, having risen by 4% during the Asian session to trade just below the psychological barrier of $60,000. On the upside, Bitcoin is likely to face significant resistance near $60,000. A bullish breakout above $60,000 might take Bitcoin to the next resistance levels of $61,745 and $62,010, respectively.

The BTC/USD has formed a bullish engulfing candle on the 4-hour timeframe, indicating a strong bullish trend in the market. Bitcoin's immediate support and resistance levels are at 59,303 and 58,337, respectively, with resistance at $60,057 and $61,745.

On Friday, Bitcoin might continue to rise until it reaches the $60,057 level, and a break over this level could fuel further bullish sentiment in the market. Best wishes!