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Bitcoin Cash, a forgotten, diminished, and unpopular cryptocurrency, suddenly revived in the second half of this year. Those who entered the world of cryptocurrencies in 2018-2017 will remember the days when the price was $3000. Today, even the annual peak of BCH Coin, which has returned, is 90% below the ATH level.
Why Did Bitcoin SV (BSV) Rise?
Interest in Bitcoin forks has diminished over time. As bear markets intensified in 2022, demand significantly decreased and prices started to collapse. In fact, back in 2022, Vitalik Buterin stated that these forks were a complete disappointment.
Then, Fidelity-backed crypto market, EDX Markets, announced that it would serve institutions with an unlimited number of altcoins. BCH Coin was among them. This served as the foundation for the rise of BCH Coin in 2023.
While we know why BCH Coin rose, what caused the 20% increase in BSV Coin price? Bitcoin SV (BSV) experienced a double-digit increase as it broke away from the declining resistance trend line. The BSV price fell below a declining resistance trend line since July 1st. By the time we reached August 17th, we saw the price drop to as low as $25.
Bitcoin SV Price Prediction
With the support of the recent increase in BTC price, the price that escaped the declining resistance line reached a peak of $43.34. It confirmed $40 as a resistance level after the decline. Despite the resistance rejection, the RSI had not dropped significantly. So, does the recent movement finally indicate a clear reversal signal? Will bulls buy BSV Coin to take advantage of the decline?
This seems unlikely because the $40 resistance area does not appear to be retested with the support of the negativity in BTC price. Moreover, even if this area is surpassed, the $50 resistance area stands like a solid fortress for the continuation of the downtrend.
The $50 region had been a strong support area since 2018 before it was lost in November 2022. After being tested in June, it was observed that the region was not surpassed as a resistance, and deeper lows were reached.
In conclusion, if the decline continues, there could be a move towards the $25 support, and if there is a rapid recovery, a movement towards the $50 resistance may begin.
