Why Bitcoin SV (BSV) is Growing and What is The Price Prediction For 2024
Bitcoin SV (BSV) has surged 66% to $92.89 in the last 24 hours. What's behind the rise of the infamous asset and how it will behave in the coming weeks.
Bitcoin SV (BSV) crisis
The largest US exchange, Coinbase, has announced the liquidation of all BSV on its platform. The exchange warned holders of the asset that they must withdraw funds by January 9, 2024. Coinbase delisted back in 2021 after the BSV blockchain suffered a 51% attack and the network became unstable. Users of the exchange cannot buy or sell BSV, but were still able to store the asset in their wallets until now. After the attack incident, many major exchanges also refused to support BSV.
BSV is a hard fork of Bitcoin Cash. Numerous controversies have erupted regarding this asset. The community suspected Craig Wright of being Satoshi Nakamoto. There is no clear evidence of this, but members of the community considered the fact that Wright actively supports BSV even after the delisting of the asset from many cryptocurrency exchanges sufficient.
Why Bitcoin SV (BSV) is growing?
Today's sharp rise in the BSV price is explained by a significant increase in trading volumes on the South Korean exchange, Upbit. The exchange accounts for 67% of the BSV trading volume. The bullish sentiment is not only observed locally, but also in general. The growth of BSV is also related to the current cryptocurrency rally. Bitcoin has grown over the last 24 hours and reached the $44,000 mark, pulling altcoins with it.
From a technical point of view, the asset has long overcome important resistance levels at $55.36, $58.70 and $80. The asset also rose above the 50-day and 100-day moving averages, which allowed it to make a bullish breakout. And now BSV is rising.
The sharp growth of the price affected short-term traders: over the last day, BSV positions totaling $3 million were liquidated.
Bitcoin SV (BSV) forecast for 2024
BSV has soared 66% in the last 24 hours, and at the time of writing the price is $92.89. The trading volume reached $753.5 million and capitalization reached $1.7 billion. Overall, the asset is up 124% year-to-date.
Source and Copyright © TradingView
Santiment data show that RSI index of BSV has grown from 55 to 84 over the last day, which indicates that the price of BSV will decline soon. However, some experts claim that the price will continue to grow and will reach $142 in the first days of January.
This forecast is not 100% true, the cryptocurrency market is very volatile and unpredictable. We advise you to do your own research.
