Bitcoin SV Price Prediction — Here's Why the Coin Will Recover After the 12 Percent Drop

  • Denys Serhiichuk
    📈 Price Predictions

    The second most popular BTC fork, Bitcoin SV, has quickly entered the top 10 coins. Can it remain there for a long time or not?


Bitcoin SV Price Prediction — Here's Why the Coin Will Recover After the 12 Percent Drop

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Despite the price drop of Bitcoin SV against the total market correction, the asset has fixed in 8th place in the global ranking on CoinMarketCap. Besides the technical factors, there might also be some fundamental prerequisites that affected the 12% decline.

Vitalik Buterin, the creator of the Ethereum network, once again criticized the Bitcoin SV project, calling it fraudulent.

Bitcoin SV data by CoinMarketCap

However, analyzing the more extended time frames, Bitcoin SV has rocketed by 100% over the previous 10 days. The main growth driver for Bitcoin SV was the emergence of the fake news that Craig Wright, who declared himself Satoshi Nakamoto, transferred funds from a Bitcoin address, which belongs to Satoshi Nakamoto, to Binance.

👉MUST READ

Bitcoin Satoshi’s Vision (BSV) Price Prediction - Falls from Grace. Overview and Long-Term Forecast

Bitcoin Satoshi’s Vision (BSV) Price Prediction - Falls from Grace. Overview and Long-Term Forecast

Now, let’s get to the chart to predict the rate of Bitcoin SV from the technical perspective.
 

BSV/USD chart by TradingView

On the hourly chart, Bitcoin SV is looking bearish; however, it is not a surprise taking into the enormous growth days earlier. At the moment, the coin has been dominated by bears since June 4, and the current price does not look like the bottom. Supposedly, BSV might plummet to the support at $190 shortly. After that, one should not wait for a fast bounce back but rather consolidation in the yellow corridor of $210-$230.

BSV/USD chart by TradingView

Compared to the hourly chart, Bitcoin SV is about to show growth on the 1-day graph. Such a statement is confirmed by the technical indicators and the increased trading volume. Concerning the first factor, the MACD pattern is looking upwards, reinforcing the upcoming bullish wave. The lines of the Bollinger Bands are also moving in the uptrend.

👉MUST READ

Buy or Cry! Bitcoin SV (BSV) Price Booms – Sweet Summer Is Predicted

Buy or Cry! Bitcoin SV (BSV) Price Booms – Sweet Summer Is Predicted

In this regard, the long-term idea is reaching $260 in July 2019.

The price of BSV is trading at $195 at the time of writing.

Cover image via 123rf.com
Join our Telegram channel to get news even faster!

About the author

Being a passionate blockchain enthusiast Denys has a vast experience in сryptocurrency market analysis, as well as blockchain related projects. All this is backed up by his working at W12 platform, Platinum Listing & ICO Advisory company, Export.Online and many others.

👓 Recommended articles