Bitcoin SV Price Up By 22% – Time to Buy BSV?

Bitcoin Satoshi Version (BSV) is one of the top cryptocurrencies in the marketplace. The asset has enjoyed due to this week’s market rally, and investors are considering whether to buy Bitcoin SV.

However, it is always important to remember the individuality of cryptocurrencies. Below, we’ll look into the asset and its price movements, as well as recommendations on whether to make a purchase.

Bitcoin SV: A Hard Fork’s Hard Fork

Bitcoin SV is a bit of a controversial asset. The asset was a hard fork of Bitcoin Cash – itself a hard fork of Bitcoin. The asset’s proponent is Craig Wright – a notorious figure in the crypto space who has claimed on multiple occasions that he is Satoshi Nakamoto.

Wright and his team at nChain have claimed that the many changes made to Bitcoin and Bitcoin Cash are perversions of Nakamoto’s original view of the leading cryptocurrency. The nChain team especially argued that Bitcoin’s block size should be increased from 32 MB to 128 MB. While a larger block size will improve network throughput, blocks would also find it more difficult to move through the chain.

Nevertheless, the Bitcoin SV fork happened in 2017, and the asset has been in existence since then.

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Bitcoin SV Price: Big Wins As June Closes Out

Bitcoin SV currently ranks in the 30th position with a market cap of $3 billion. However, this week has been quite good for the asset.

With a current price of $166, BSV is up 22 percent in the past 24 hours. The market rally has led many investors to buy BSV, showing that large-cap assets continue to lead rallies when they happen.

Of course, this isn’t to say that BSV hasn’t suffered from the downturn. The asset rose to an all-time high of $465.07 on April 10, although its price dropped to $242 two weeks later. After consolidating, BSV managed to hit $444 once more before the downturn came.

Following the downturn, BSV lost well over 50 percent of its value. The asset’s price dropped to $194/16 on May 23, and it found a new bottom at $110.91 just last week. With assets consolidating after a dismal week, BSV’s current price peg is a 49.6 percent jump from its lows.

Bitcoin SV Technical and Fundamental Analysis

This week’s jump has fueled BSV significantly. The asset has crossed its 20-day moving average (MA) of $165.61. However, its relative strength index (RSI) currently stands at a mixed 49.84.

Just three days ago, BSV’s RSI stood at 35.81. This will suggest that many investors have rushed to buy BSV in the wake of its price gains. Of course, this isn’t to say that you shouldn’t buy BSV if you’re confident. An RSI of 49.84 is still solid, and you can lock in at a price right now.

Analysts are also sharing positive outlooks for BSV. The Economy Forecast Agency shared a $236 prediction for the end of the year, while DigitalCoinPrice is even more bullish at $248.

As for fundamentals, a lot of BSV’s movements are tied to developments with Wright. The computer scientist has proven to be very litigious, and some of his antics have reflected poorly on BSV.

Earlier this week, Wright won a default judgment against Bitcoin.org over a copyright infringement case. Wright had asked Bitcoin.org to take down the Bitcoin whitepaper on its site, explaining that the agency will need his permission to publish it since he is Satoshi Nakamoto.

The computer scientist eventually dragged Bitcoin.org to court, and he won the case after Bitcoin.org’s pseudonymous owner, “Cøbra,” refused to mount a defense. Bitcoin.org must now take the whitepaper down and pay 35,000 GBP ($48,600) to cover Wright’s legal fees.

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