Bitcoin SV Prediction: The Rise and Rise of BSV – Where Next?

Bitcoin SV turned bullish earlier this week rising 60% from the $34 support floor to an intraday high 54.7 reached during the early asian trading hours on Friday. BSV is up 28% over the last week and 36% in the past 30 days. At the time of writing, BSV was targeting a return to $56, levels last seen in early July.

Bitcoin SV's market capitalization has now crossed the $1 billion mark to stand at $1,025,323,619 and its trading volume has leaped 70% over the last 24 hours to $277 million. This places the Bitcoin fork at position 41 on the CoinMarketCap ranking and is leading the crypto gains on Friday as shown below.

Top Crypto Gainers Today

BSV price appears to have benefited from the rally that Bitcoin (BTC) experienced earlier this week when traders thought that the U.S. Securities and Exchange Commission (SEC) had approved a spot Bitcoin Exchange Traded Fund (ETF) application filed by Blackrock

The news by Cointelegraph on X handle turned out to be fake with the tweet being pulled down a few moments later.

Nevertheless, Asset manager BlackRock has filed an amended prospectus for its spot Bitcoin ETF application with the SEC. This follows similar amendments by Ark Invest and Fidelity earlier in the week.

In its amendments, the Blackrock appreciated how competitive the race for a Bitcoin spot ETF approval is and provided further details on the product's pricing and reporting mechanisms.

As the norm, Bitcoin and related cryptos responded with some liquidity, with the big crypto rising more than 3% over the last 24 hours to trade above $29,000. Bitcoin Cash (BCH) rallied 3% yo cross the $240 mark.

This is evidence that the market supports the introduction of a spot Bitcoin ETF and if one is approved, bears will have a hard time dealing with the buying pressure that could ensue afterwards.

Bitcoin SV Price Could Continue Rising To $100

BSV's latest price uptick, which has seen it hit new highs for over three months, has opened the door to a potentially rapid move past the 2023 highs above $56 toward $100.

The latest rally saw BSV rise above key resistance levels including its major moving averages lying in an area extending from $33 to $35. Bulls appear determined to extend a recovery that they have been nurturing since mid-August.

The $55 psychological level is acting as strong immediate resistance at the moment. Note that the bulls attempted to push Bitcoin SV above this level in late June, but this move higher proved to be a fake out as the price plummeted more than 50% thereafter after reaching highs of $56.

Buyers will now attempt to push the price back above this level hoping that the recovery will be sustained. If this happens, the BSV price will climb higher to revisit the $56 high, representing a 5% up move from the current price.

Rising above this level would bolster the bulls to push the price higher with the possibility of taking it back to the $100 level. This would represent an 89% increase from the current levels.

BSV/USD Daily Chart

This positive outlook for BSV is supported by the upward trajectory displayed by the Relative Strength Index (RSI). This trend-following oscillating indicator had just sent a call to buy Bitcoin SV on the daily chart. This occurred on October 18 when it crossed the 70 line into the overbought region.

The price also sat on strong support around the $32-$35 demand zone, embraced by the simple moving averages. Increased buying from this demand zone could bring the hind winds required to propel BSV price to $100.

On the downside, sellers could give into their appetite and book profits on the latest rally with the price turning down in the process. The ensuing selling pressure could first take Bitcoin SV toward $50 and later toward the support recently established at $42.

Lower than that, the demand zone described above, embraced by all the major SMAs, could provide the next line of defense. This is where BSV's downside could be capped in the short term.