Bitcoin is the dominant cryptocurrency and trendsetter. The general market’s mood depends on its quotes. If it fevers — everyone fevers; if BTC is fine, all the altcoins feel good.
Although 2018 was unsuccessful for all cryptocurrencies, let's call this period a “steep peak”, 2019 has started well. Long bearish trends change to bullish rallies, and on February, Bitcoin "broke through" the mark of $4000. Then, on April 2, it climbed above $5000. Such consolidation also attracted other cryptocurrencies, one of which is Bitcoin SV. We will talk about the influence of “big brother”, technical analysis and other factors below.
New BSV achievements
Today’s Bitcoin Core (BTC) has completely deviated from Satoshi Nakamoto’s course. Changing the protocol, hard forks and other updates don’t match the concept described in the original 2008 Whitepaper. Therefore, it was decided to create a new fork — Bitcoin Satoshi Vision (SV). The main purpose was a return to origins. This means the rollback of today's protocol to the original version, as well as the removal of all updates added by the developers.
The task of BSV is to become not just another fork of Bitcoin but a new global chain of monetary and corporate blocks. The management of BSV sees further development of the project in on-chain scaling. So, on March 30, a block of record size 128 Mb was mined. The reward for the 128MB block was also higher than usual — by 1.279 BSV. This proves that the more transactions the block contains, the higher the fees will be. This development will ensure the maintenance of interest in future mining, when the reward will be reduced twice.
Jimmy Nguyen commented on the success of BSV with following words:
If you just believed in the original power of Bitcoin as opposed to trying to limit it, or be afraid of what it could do, you could achieve the biggest blockchain in the world that biggest businesses will want to work on.
In addition, overcoming the milestone of 128MB has destroyed the idea of instability and insecurity of large blocks. This implies the following:
The potential of Bitcoin SV already allows you to transfer large-scale data, opening up the opportunities that everyone expected from the original Bitcoin.
Management plans to conquer blocks of 512 MB and 1-2 GB in size later this year.
New boundaries of space will attract new developers and users who are able to fill it, which means that the ecosystem will go into intensive growth.
And BSV is actively working to create a space. Bottle BSV, BitPaste, Bitstagram, Bico.media, and BitcoinFiles.org have all become an effective extension of the Bitcoin Satoshi Vision network.
BSV price forecast in 2019 — The real picture
After a frisky start in November and "rollercoaster" during the Christmas period, the BSV rate gradually dropped to $65, and its market capitalization to $1.1 billion. This situation was observed in the course of February and March but April changed everything.
What we have today is the price of $85 for one BSV, and market capitalization exceeding $1.5 billion. The picture’s main reason is a bullish rally of Bitcoin, which seized the entire cryptocurrency market.
If there will be a rollback, then BTC price may fall to the level $4,400-4,600. The reason for this may be highly overbought of Bitcoin. Such a scenario will also cause a drawdown of BVS, whose growth has already slowed down after April 2.
There is another opinion. If the BTC overcomes a price of $5,200 and is able to consolidate, this will mean a change in long-term trends, which will also have a positive effect on the price of BSV. Now the bullish trend will play into the hands of many projects, especially after 2018.
BSV price prediction — Optimistic scenario
Moving up for BSV will continue with the bullish market trend. Positive developments are seen in the short and medium term. If the price of the BSV/USD pair is fixed at $82-84, a further jump to the level of $90-93 is possible. But a slowdown in growth indicates a return of bears to the market. With demand zones of $50, $40, $30, trading in the range from $80 to $92 for BSV will be a good result.
With a positive development of the next 7 days, we can expect the following indicators:
BSV, as it was said, will strengthen in the $83 mark area.
The upper limit is $88.
The lower limit is $65.
Otherwise, the success of altcoin depends on the success of the marketing company and Nguyen’s leadership skills, which actively spread the message of Bitcoin Satoshi Vision around the world.
Pessimistic scenario for BSV
In the coming days, there is a possibility of a rollback to the zone of $68-74 dollars. If these values are broke, the fall may be protracted. In this case, BSV will go below $60. Alas, in the next 30 days, the scenario with a fall in course looks more realistic:
The average value is expected at around $65.
The upper limit is around $87.
The lower limit is $48.
If something extraordinary does not happen, global depreciation of an altcoin is not foreseen. A bull rally cannot last forever, so bears will get their share of the market.
What will BSV price prediction be at the end of 2019?
Of course, Bitcoin SV is not the largest player in the cryptocurrency market and depends largely on the mood of the “big brother”. The same can be said about other altcoins. The influence of BTC is too great, the dominance of which is denoted by 50.8%. This indicator has decreased in comparison with the previous values, which indicates the interest of buyers in altcoins. If we take into account this data, the overall picture may develop as follows:
The beginning of the uptrend is expected because the BSV/UDS pair is in a range bound.
According to the majority of forecasts, by the end of 2019 Bitcoin SV, there will be enough potential to pass the $100 mark and presumably fix in the region of $120-130.
The cryptocurrency news background is currently positive, the latest successful results in the mining of 128 MB block and the comprehensive development of the project give good results.
If there is a price reduction, then in the short-term, the sellers will not be able to keep it below $80 per unit.
Plans for mining of 512MB and 1GB blocks will attract even more public attention and the rapid expansion of the ecosystem.
There are those who give extremely negative forecasts. Based on their data, the price of BSV by the end of 2019 will be below the mark of $40. While such a development is unlikely, it still could happen.
2019 promises to be a year of positive change for cryptocurrencies and Bitcoin SV in particular. The prolonged bearish trend, which lasted more than 12 months, seems to give way to another. Doubtful players left the market in which only the persistent remained so that the cryptocurrency community became more stress-resistant. Governments are trying to find points of contact with cryptocurrencies, and not to chop it from the shoulder, as before. It seems that everyone is gradually getting used to the rules of the “new world”.
As for BSV, after a long period of stagnation, the altcoin took off from the mark of $65 to the mark of $80, where it needed to hold on. The next direction only moves upwards. If Nguyen and co succeed in moving along the intended road map, Satoshi Vision should have no problems.
The price of BSV is trading at $82.48 at the time of writing.