Bitcoin forks had garnered significant attention, with Vitalik Buterin even expressing his disappointment last year. Similar to Ethereum‘s inability to dethrone its smart contract platform competitors, Bitcoin also remains stagnant. So why are Bitcoin forks gaining popularity recently? What was the reason behind the rise of BSV Coin?
Why Did Bitcoin SV (BSV) Rise?
Nearly a year has passed since Vitalik Buterin claimed that he was certain Bitcoin Cash (BCH) and Bitcoin SV (BSV) would fail, yet we are witnessing an increase in their prices. Both have experienced extreme selling pressure during bear markets and are still being traded at significantly lower prices compared to their past peaks. While BCH’s price increase was supported by EDX Markets, what is driving the rise of BSV?
As the BTC price attempts to hold the $28,500 support level, BSV Coin has reached a new October high. The price surpassed $42 and positioned itself among the top-performing altcoins. As of September 2023, the price of Bitcoin SV was below $32.53.
With the arrival of October, BSV Coin has further increased investors’ risk appetite. The price, which has tested $42, is now struggling to turn this region into support. The cryptocurrency had started to rise after rumors spread that the iShares spot ETF application had been approved. Perhaps investors believe that with the potential ETF approval, alternative cryptocurrencies like BTC could also gain attention.
BSV Coin Analysis
While the price has increased by 5% daily, it currently stands at $43.62. However, considering its peak of $491 in April 2021, investors have suffered significant losses. In previous analyses, we mentioned that the $50 price zone could be tested, but without convincing closures above it, we cannot speak of a sustainable price increase. Now, the price is approaching this zone.
The $50 price zone, which has long served as support, is now the strongest resistance level for a trend reversal. It is undergoing a test similar to the one in the week of June 26, and closings above $44 could increase the possibility of resistance testing.
The next milestone would be weekly closings above $50. If the price can establish a strong base above $56, the downtrend that began in October 2021 could reverse. In this scenario, we may see the price reach a new peak between $86 and $100.
However, the uncertainty in BTC’s price indicates that this resistance test could also end in failure. In that case, a decline to $25 could occur.
