Breaking: $BSV Spike 38% Today Amidst Breaking out of A Pennant The price of Bitcoin forked token called Bitcoin SV ticker name ( AMEX:BSV ), saw a notable uptick of about 38% today amidst breaking out of a falling wedge with current market metrics hinting at another leg up.
What Is BSV?
Bitcoin SV (BSV) emerged following a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which had in turn forked from the BTC blockchain a year earlier following the blocksize wars.
BSV claims to fulfill the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, early Bitcoin client software and known Satoshi writings. BSV aims to offer scalability and stability in line with the original description of Bitcoin as a peer-to-peer electronic cash system, as well as deliver a distributed data network that can support enterprise-level advanced blockchain applications.
Technical Outlook
Since April high of 2021, that saw the asset deliver a stunning 826% in gains, the asset quickly retraced losing about 94% of market value for over 4 years now. The rise in price today is integral for AMEX:BSV in order to bring back life to the project as the altcoin has been mute lately with no on chain development or ecosystem growth.
However, present market metrics shows we might experience a brief respite before another leg-up as the asset is oversold as hinted by the RSI at 92. Our next support is the $40- $37 zone.
BSVUSDT trade ideas
Bitcoin SV's Path To A New All-Time High Starts NowBitcoin SV's previous bull-market lasted 721 days. The bottom low happened in April 2019.
We have an interesting chart here and we are seeing the start of the of a new bullish cycle that will end up, most likely, producing a new All-Time High for this trading pair and Cryptocurrency project.
BSV peaked early in 2021 —April. Naturally, after a bull-market comes a bear-market. Just as new ATHs are hit within a bull-market, new ATLs can be hit within a bear-market, and this was the case for BSVUSDT.
In May 2022, the market bottom low from April 2019, the start of the previous bull-market, was challenged. In October 2022, this long-term support level broke and BSVUSDT produced a new All-Time Low (June 2023).
Now, I am mentioning this only because of the bullish implications that arise when the action moves back above this level.
In December 2023, BSV managed to conquer this once support level turned resistance, and we entered the bullish zone. The initial breakout was corrected in early through mid-2024. The correction ended as a higher low compared to the ATL in 2023.
Present day. BSVUSDT is back in the bullish zone, right before massive bullish action. The action is happening above the April 2019 low, safely, the weekly session with a long lower wick and full green on the body. This simply means in candlestick reading terms that the market is ultra-bullish and ready to boom any day. We are talking about days, literally, before a major rise develops.
The rise can last several months, an entire year or more. Too early to say how the broader bull-market dynamic will develop for this pair.
This is a friendly reminder. The best ever possible entry timing.
A new ATH in 2025 can hit around $800.
This would give us around 12X total growth potential.
If the market becomes extremely bullish, then $1,290 opens up as a possibility for the next market peak. We are going with the conservative target though. This higher ATH projection yields 20X.
We are concerned here with great entry timing; great prices. Once the entry is done when prices are low, the market can take care of the rest.
Imagine holding this pair when it trades at $500 and you bought at $48, or $64... Wouldn't that be amazing? You can decide later down the road how to take profits. It is much more simple now, buy and hold. It is still early, but it won't be early for long. The market is about to go wild.
Thanks a lot for your support.
Namaste.
BSV/USDT POSSIBLITY FOR $105Following the recent increase in BTC and based on the latest data, BSV has a good chance of entering a new trend. This suggests that BSV may gain enough momentum to break through to $107, with potential interim targets at $74, $85, and $105.
The reason for this update is that there is a high chance BSV can change a trend of break.
This depend on trend data.
Monitor BSV further to see if it can reach new levels in the coming periods.
Bitcoin SV Poised for a Breakout Amid Craig Wright's New LawsuitBitcoin SV ( AMEX:BSV ) has been making headlines once again, largely thanks to the latest controversial actions of its most vocal proponent, Craig Wright. The Australian scientist, who has long claimed to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto, is back in the limelight with a new lawsuit. This time, Wright is suing Bitcoin Core developers, insisting that Bitcoin SV is the true embodiment of Bitcoin, and seeking a staggering £911 billion in damages.
As the legal battle unfolds, the market has taken notice, with BSV’s price seeing a modest 3% rise. But what does this mean for Bitcoin SV ( AMEX:BSV )?
Craig Wright Claims Bitcoin SV is the True Bitcoin
Craig Wright’s lawsuit targets Bitcoin Core developers, accusing them of altering Bitcoin’s original protocol with updates like SegWit and Taproot, which he claims have strayed from the original vision set out in the Bitcoin whitepaper. Wright argues that Bitcoin SV (BSV) remains faithful to the initial protocol, positioning it as the true representation of Bitcoin.
However, this lawsuit follows a series of legal losses for Wright, most notably a ruling by the UK High Court that discredited his claims of being Satoshi Nakamoto. Despite this, Wright presses on, asserting that Bitcoin SV’s undervalued market position is a result of these misrepresentations by Bitcoin Core developers, which he believes justifies his demand for £911 billion in damages.
Legal Controversy: Community Reaction
Wright’s lawsuit has been met with a mix of skepticism and criticism from the broader crypto community. Prominent figures, including Hodlonaut, who previously won a defamation case against Wright, have mocked the legal action. Hodlonaut sarcastically suggested that Wright might be using AI tools like ChatGPT to craft his claims, reflecting the broader sentiment that many in the community consider his actions to be legally and factually baseless.
Bitcoin SV Price Reaction: Small Gain Amid Legal Drama
Despite the controversy, Bitcoin SV’s price saw a 3% jump in the last 24 hours, trading around $51.23 with a 25% decrease in trading volume, signaling that while the market is reacting, the enthusiasm is not overwhelming. The price touched a daily high of $51.91, showing that some traders may be betting on a bullish outcome. However, with skepticism surrounding Wright’s claims, many are cautious about any long-term bullish sentiment based solely on the lawsuit.
Open interest in BSV ( AMEX:BSV ) futures has also risen by nearly 5%, indicating growing interest in the token despite—or perhaps because of—the legal drama. Whether this interest will translate into sustained gains remains to be seen, but the increase in futures activity suggests that traders are closely watching the situation.
Technical Outlook: Is BSV Poised for a Breakout?
From a technical perspective, Bitcoin SV ( AMEX:BSV ) appears to be on the verge of a potential breakout. Currently trading above key moving averages, BSV’s RSI (Relative Strength Index) stands at 60, signaling that it’s neither overbought nor oversold, leaving room for further gains.
Immediate resistance is pegged at $55, a critical pivot point that could determine the direction of the next major move. If BSV ( AMEX:BSV ) manages to surpass this level, it could trigger a rally toward its next target of $115—a level that aligns with the highs from March 2024. Such a move would mark a significant recovery for BSV ( AMEX:BSV ), which is still far below its all-time high of $423.
On the downside, support is currently set at $48, which could offer a favorable entry point for buyers looking to capitalize on a potential bullish run. If BSV ( AMEX:BSV ) dips to this level, a consolidation phase could occur before the token regains momentum.
What’s Next for BSV?
While the technical outlook for BSV ( AMEX:BSV ) is promising, the token’s future largely depends on the broader adoption and community sentiment surrounding Wright’s claims. As the crypto community continues to question Wright’s legal tactics and assertions, any further developments in his lawsuit could either boost or hinder BSV’s price action.
For now, traders seem cautiously optimistic, with the potential for gains in the near term. However, given the controversial nature of Craig Wright’s involvement, Bitcoin SV’s trajectory is far from guaranteed. The next major move could be heavily influenced by external factors, including the outcome of the lawsuit, market sentiment, and overall crypto market conditions.
Conclusion
Bitcoin SV ( AMEX:BSV ) is trading at a pivotal point, both in terms of price action and its place in the broader crypto narrative. Craig Wright’s continued legal battles have put the token in the spotlight, but whether this attention will translate into long-term gains remains uncertain. For now, the technical indicators suggest a possible breakout, but traders should proceed with caution, keeping an eye on both the charts and the unfolding legal drama.
If BSV ( AMEX:BSV ) can overcome its immediate resistance levels and break free from the shadow of controversy, it may see a resurgence, but it will need more than just legal headlines to reclaim its former glory.
BSVUSD - Cheap Bitcoin @ $43.30For the majority of August, AMEX:BSV has been trading in discounted territories based on the monthly dealing range high and lows @ $57.23 - $32.52 with there only being two days throughout the month seeing the daylight of premium prices.
This insinuates that smart money sellers are profiting more than the buyers this month, with this period in time being the best time to close out their short positions and wait for premium prices.
CRYPTOCAP:BTC and AMEX:BSV tend to move in-tandem to each other so if my CRYPTOCAP:BTC bullish bias plays out going into next week (please refer to my most recent CRYPTOCAP:BTC analysis), it will strengthen the narrative of relative equal highs located above the $44 region being attacked with the goal of repricing up to the last up-close candle (deemed as a rejection block) @ $45.87
Set your alert for $44.91.
This is Equilibrium
Any price above is a discount
This is a good chance for aggressive scalpers to yield a potential 12%* (accounting for a short-term pullback into the daily SIBI that has been rebalanced)
I don't want to see price close below $39.93 going into next week as it will be back to the drawing board
IS THIS THE BSV BOTTOM THAT WILL MAKE HISTORY TO UP $80BSV seems on price action and technical view very interesting for the trend.
There is a good chance we are not far from the bottom, and also that this zone can be a bottom.
WILL BSV build an unexpected volume in 2024 back to a high level of $80 and $176
we are going to follow it time by time.
BSV did it before circa same bottom
Fluctuations between the support and resistance levelsThe price is currently in a crucial ascending channel, with noticeable fluctuations between the support and resistance levels. Investors should monitor the price action within this channel. Breaking the upper resistance could lead to a strong upward movement, while failing to hold the support may result in a decline.
BITCOIN SV : BSV NEW VOLUME IN TRENDOn the last low time frame, BTC sv seems to make a return, which has a good chance to break in the coming time frames.
Following the trend for more confirmations.
This time with BTC it's hard to find building coins, most coins follow BTC.
BSV can show some interesting targets.
$66 is an important target
SV is known for unexpected volume by ASIA markets.
