Bitcoin SV Price Prediction: Will BSV Token Jump To $100 Soon?

• Bitcoin SV price prediction dives into the recent volatility where the prices surged to $56
• BSV token showed a growth of 49% in the last 1 month
• The BSV crypto carved a new all-time low at $15.70

Bitcoin SV’s (BSV) price prediction reveals how the BSV token price has made a bullish recovery just after it made a new all-time low at $15.73. The market has kept declining since May 2021 and witnessed a loss of almost 95% from its all-time high before the recent bullish bounce. The high volatility caused the price to decline from $26 to $15, followed by a strong jump to $55 in a matter of a few days.

At the time of writing, the current market price of Bitcoin SV crypto is $35.93. The 24-hour trading volume surged 18.29%. The market is down by 8.41% in the last 24 hours. The overall market cap of BSV crypto is $694,586,280.

Can Bitcoin SV Sustain Its Bullish Momentum?

Bitcoin SV’s (BSV) price prediction indicates that the price has made a strong recovery from creating a new all-time low. The BSV crypto price peaked at $56, a level last seen in August 2022. The market has been developing a descending channel pattern on its way down since August 2022. On June 10, 2023, the price briefly dropped below the channel and made a large wick down before getting back into the channel.

This bear trap resulted in buying pressure, which drove the prices all the way to $56 in just a few days. Overall, the price of the BSV token made a move of 250% before correcting from its recent swing high. This resulted in the breakout of the descending channel, igniting a change in sentiment in the short term.

How long Will The Price Consolidate Before the Next Move

On the 4-hour chart, the market can be seen making a series of higher highs and higher lows. So far, the price has witnessed a 36% correction from its recent swing high to the support price of $34.49. Although the BSV token witnessed a bullish pump, the price has broken below the 200 EMA, hinting at aggressive profit booking.

The BSV crypto price is trying to retest support and the descending channel. A successful bounce from the support will ensure the continuity of the uptrend, and the market can make way for higher price levels. If the market is unable to sustain above the current support, the price may drop further to the lower support of $26.50.

RSI: The RSI indicator is currently at 32.16. It means that the market is slightly oversold. This indicates the bearish strength of the market and the prices may move down until the RSI crosses above 50.

MACD: MACD has made a bearish crossover while the indicator has gone below the 0 line. This suggests that the market could be bearish in the short term until the MACD makes a bullish crossover.

200 EMA: On the 4-hour chart, the price is trading below the 200 EMA. This is a bearish sign and an indication that the sellers are in control. The 200 EMA acts as a dynamic resistance, and the prices may continue to move down until the price breaks above the indicator.

Conclusion:

Bitcoin SV’s (BSV) price prediction reveals how the BSV token price has made a bullish recovery just after it made a new all-time low at $15.73. The recent bounce has changed the overall sentiments of the price. However, the momentum faded as the price made a correction of 36% and dropped below the 200 EMA. The immediate support $34 is the last line of defense for the bulls to maintain the uptrend. The BSV token is highly volatile at present and it would be wise to wait for a bullish continuation pattern or a successful retest, to open new positions. Risk management should be a priority in the present market.

Technical Levels

• The nearest support level: $34.49
• The nearest resistance level: $50.57

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.