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Bitcoin SV (BSV) bulls remain in the driving seat, with the cryptocurrency up another 6.5% on Thursday as its extends its gains this week to over 27%.
BSV, a 2018 fork of the Bitcoin blockchain that claimed to be aimed at bringing Bitcoin in line with Bitcoin creator Satoshi Nakamoto’s vision (hence its name Bitcoin Satoshi Vision or Bitcoin SV), was last trading just above $43 per token, just off its highest levels since early July.
The cryptocurrency, which last had a market cap of around $830 million, doesn’t appear to have been boosted by any Bitcoin SV-specific news or catalysts.
Rather, BSV’s rally appears to be a function of gains in the Bitcoin (BTC) market this week on speculation the US Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin Exchange Traded Fund (ETF), opening the door for an accelerated wave of institutional buying in the US.
False rumors did the rounds on Monday that the SEC had just approved Wall Street giant BlackRock’s spot Bitcoin ETF application, sending Bitcoin briefly as high as $30,000.
While that news was fake, it acted as a warning shot for the Bitcoin bears to stay out of the market, given they could quickly get liquidated by a quick ETF-news-related price pump.
It also served as proof that spot ETF application approvals in the US are still not fully priced in.
Bitcoin was last trading with a positive bias to the north of the $28,500 level – in light of the SEC’s decision not to appeal against a recent legal loss they sustained against Grayscale over their rejection of the digital asset manager’s spot Bitcoin ETF application, analysts are more optimistic than ever that the agency is preparing to approve a batch of spot Bitcoin ETFs in 2024.
That optimism could keep a floor under the Bitcoin price for now.
While its correlation to Bitcoin is far from perfect, this should also help Bitcoin SV bulls remain in control.
Price Prediction – Where Next for Bitcoin SV (BSV)?
Bitcoin SV’s latest price pump, which has seen it hit new highs for the month, has opened the door to a potentially rapid move back towards BSV’s highs for the year near $57.
That’s because the latest pump has seen SV break substantially to the north of all of its major moving averages (in the $33-35 area) and continue an uptrend that has been in play since the August lows at $26.
BSV’s 200DMA has been acting as strong resistance now going pretty much all the way back to early 2021.
While BSV was able to break above its 200DMA substantially back in June/early July, this move higher proved short-lived.
Bulls will be hoping the latest jump above the 200DMA is more sustained and a sign that the long bear market has finally come to an end.
Crypto Alternatives to Consider
Bitcoin SV (BSV)’s outlook is good, but the cryptocurrency remains a big risk given its poor history of being unable to sustain solid price performance.
For those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 13 of what the project deems as the best crypto presales of 2023.
See the 13 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.