Over the past seven days, Bitcoin SV (BSV), where SV stands for Satoshi’s Vision, has definitely been the talk of the town. A somewhat controversial cryptocurrency, mainly because of the reputation of its creator Craig Wright, attracted the attention of all crypto traders when it began pumping vigorously, with the driving force for this pump coming practically out of nowhere.
BSV gained a mind-blowing 430% in a matter of 12 days, leaving traders who didn’t manage to get on the bandwagon stunned and maybe a bit jealous.
1-day Bitcoin SV chart
This unprecedented bull rally has put Bitcoin SV at the top of the best gainers across the entire crypto market. Only Dash and Bitcoin Gold managed to rise in value by more than 100% over the course of the previous week, with Augur being short by slightly less than 3%.
Some market observers are even joking that what we are witnessing now, isn’t the beginning of altseason, which has become something of an urban legend, but a “fork season” because the three coins featured in the top-gainers list above happen to be forks of the most dominant cryptocurrency. On a side note, the BTC dominance had plunged by the considerable 6.4%, having gone from 70.8%, recorded on January 8, to 66.34% by January 15. This downfall could also be considered as a driving force behind the resurgence - most likely temporary - of altcoins, and Bitcoin SV in particular.
1-day Bitcoin dominance chart
Now might be a crucial moment for the entire cryptocurrency market because if the decline of BTC dominance persists to new lows, that indeed could mean that altcoins are seizing the initiative. In that case, Bitcoin SV, along with cryptocurrencies other than Bitcoin, should continue their trip to the upside. Otherwise, all those spectacular gains could be deflated as quickly as they were obtained. Besides, according to the Fear & Greed index, the crowd sentiment has changed from fear to greed, which has always been a definite sign that one ought to have stop-losses in place.
In all candor, there has been nothing substantial in terms of fundamentals on the part of Bitcoin SV that could have provoked such an unprecedented rally.
Apparently, there are two reasons behind it: the first one being Craig Wright’s shenanigans during the legal dispute, when he claimed to have gained access to 1.1 million BTC, which turned out to be only a list of Bitcoin addresses; the second one is the alleged wash trading involving BSV that might have taken place on exchanges like Bibox, OKEx, Biki, and a host of others, which have the reputation of reporting fake volumes and engaging in this illegal activity.
If that’s the case, then BSV will roll back to its pre-pump levels within the next couple of weeks. Therefore, there is no point in analyzing the price of Bitcoin SV on time frames more extensive than the 4-hour one.
4-hour Bitcoin SV chart
There is a crucial resistance level at $280, which BSV must hold in order to defy the critics who claimed the latest pump to be a scam. If that support is broken to the downside, there is an immensely high probability that the coin will retrace to $174 or lower. Therefore, Bitcoin SV is currently the prime candidate for shorting since its rally has already run out of steam.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||84.4%||28||$19 095.25||0.49%||-4.82%||$365 864 647 826|
|2||ETH||Ethereum predictions||73.6%||56||$1 331.94||0.71%||-8.41%||$163 184 327 469|
|3||USDT||Tether predictions||94.4%||1||$1.000074||0%||0%||$67 959 697 977|
|4||USDC||USD Coin predictions||92.4%||1||$1.000122||0.02%||0%||$49 720 551 593|
|5||BNB||Binance Coin predictions||86.4%||17||$277.78||-1.12%||-0.16%||$44 816 623 769|
|6||XRP||XRP predictions||64.8%||72||$0.488936||-0.60%||26.12%||$24 372 838 519|
|7||BUSD||Binance USD predictions||93.6%||1||$1.000226||-0.02%||0.02%||$20 521 880 085|
|8||ADA||Cardano predictions||80%||32||$0.456989||-0.44%||-6.44%||$15 641 937 626|
|9||SOL||Solana predictions||84%||31||$33.96||0.41%||0.39%||$12 044 646 131|
|10||STETH||Lido stETH predictions||93.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||DOGE||Dogecoin predictions||87.6%||15||$0.063120||-3.40%||2.65%||$8 374 180 689|
|12||DOT||Polkadot predictions||79.6%||43||$6.34||-1.08%||-9.42%||$7 104 062 562|
|13||DAI||Dai predictions||95.2%||1||$1.000115||0.02%||0.02%||$6 930 218 400|
|14||MATIC||Polygon predictions||72.8%||54||$0.760974||-1.00%||-7.31%||$6 646 589 172|
|15||SHIB||SHIBA INU predictions||76.8%||42||$0.000011||1.90%||-4.05%||$6 254 513 839|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.