What is Bitcoin SV?
Bitcoin SV is one of the most popular cryptocurrencies, and at the time of writing this report on 29 September 2020, it is ranked 10th on Coinmarketcap.
Litecoin, which was previously in this position, now falls in 12th place under Crypto.com Coin (CRO).
The history of Bitcoin SV began in 2017 where there was a Bitcoin hard fork which resulted in a new altcoin Bitcoin cash. From Bitcoin Cash, a hard fork occurred and resulted in Bitcoin SV.
SV stands for Satoshi Vision, it aims to restore the vision of the Bitcoin inventor, to deliver stability and achieve scalability
Bitcoin SV explained
Bitcoin SV or with the symbol BSV is a well-known cryptocurrency, Bitcoin SV was created by the nChain company owned by the Australian entrepreneur Craig Wright.
As explained that Bitcoin SV is the result of the hard fork of Bitcoin cash on November 15, 2018. The aim of the Bitcoin SV design is an attempt to restore the original Bitcoin protocol.
Therefore it is called Bitcoin SV, where SV stands for "Satoshi Vision", which represents the goal of building a cryptocurrency conceptualized like the Bitcoin developer.
The price of BSV crypto assets has quickly become one of the top 10 cryptocurrencies in terms of market capitalization and is actively traded on most exchanges.
While BTC is considered by some to be a speculative asset, not an asset suitable for day-to-day payments. In contrast, BSV claims that it can "replace every payment system in the world with better user experience, lower merchant fees, and a more secure level of security."
Bitcoin SV also wants to serve as an enterprise blockchain solution for companies interested in learning more about what this technology has to offer.
When compared to its older Bitcoin, BSV aims to stand out from a scalability perspective as well. Bitcoin SV claims to have a much larger block size than its predecessor, and as a result, it can handle more transactions every day.
Bitcoin SV halving
Similar to Bitcoin, the number of Bitcoin SV is only 21 million blocks and has a number of halvings by reducing the miner's reward by 50% for each halving.
In 2020 Bitcoin SV experienced the first halving since its launch in 2018, by lowering miner rewards from 12.5 BSV to 6.25 BSV.
Based on calculations after the halving, decreasing the miner's reward will result in the scarcity of coins and allow the price to spike, should the demand increase.
But the fact is that Bitcoin SV fell from $ 225 to $ 210.87 after the halving. since the Bitcoin SV halving, it has dropped from $ 278 to $ 256.21.
It seems that in the short term the halving will not have a major effect on the change in demand for BSV, this is also due to competition for other crypto assets which are increasingly clashing to become winners in gaining market share.
Bitcoin SV price prediction
At present, BSV price $ 168.38 which has been seeing a decline since the first halving in April 2020. Many sources narrate about future Bitcoin SV price predictions.
This is not without reason because BSV is one of the cryptocurrencies that are currently in the top 10 of the top ranking of all coins listed in the exchange market.
One credible source, Gov Capital, using deep analysis has made predictions of the future value of the BSV.
By paying close attention to the recent changes they concluded that BSV could rise to $ 698,247 in the future.
The analysis method used is to look at things such as volume changes, price changes, market cycles, and similar coins.
According to Gov Capital, if you invested $ 100 at this time then in the future it could be $ 248,905 on 2021 September 29, Wednesday.
Meanwhile, the short-term Bitcoin SV prediction by Gov Capital is the opposite, where the short-term trend is bearish with the price reaching $ 117,684 on 14 October 2020 with a high of $ 129 and a low of $ 105.
Image source Gov Capital.
Meanwhile, the prediction from Wallet Investor that Bitcoin SV is still possible gives a high gain, in a year the prediction of BSV will reach $ 250,742 and for a five-year prediction, BSV can reach $ 556,949.
When compared with BSV's current price of $ 168, the calculation of the likelihood of gain could yield about 82% return at the end of the year.
Wallet Investor forecast uses smart technical analysis as they mention to predict Bitcoin SV change in every 3 minutes update.
According to Wallet Investor, if buying BSV, holding for 5 years will give a gain of 225%, if currently investing $ 100 it may be up to $ 328.67 in 2025.
Image from Walletinvestor.
Bitcoin SV Short term technical analysis 29 September 2020
Currently, BSV is trading at $ 168,837 on the Bittrex exchange, is ranked 10th, after shifting from 9th position, currently BSV has a tough competition with Cardano and Crypto.com Coin (CRO)
The slight difference in market capitalization between BSV and CRO is still possible to shift BSV's rating down to number 11. Currently BSV's market cap is $ 3,124,222,051, and CRO's market cap is $ 3,120,011,334.
The current price movement on the daily timeframe is forming a candlestick with a small body, this is an indication that the 24-hour volume of change is still relatively low, based on data from Coinmarketcap 24-hour volume of $ 760,698,160.
After early this week there was bullish pressure, but it seems that at the moment it is weakening, one candlestick forming a hammer followed by a small candlestick which indicates a change in market trend.
Chart by Tradingview
The image above is the Bitcoin SV daily timeframe, we can see there are Doji candles appear after the uptrend market on the week as short-term swing movement.
The appearance of the Doji represents market indecision. The pattern that is formed is an ascending triangle, with a horizontal line being a strong resistance to price movements. If the $ 178 level is broken it could provide new support. And the price can occur trend continuation.
However in the second scenario, maybe the price has a trend reversal, with the appearance of a Doji that is an indication of a reversal pattern.
While looking at the RSI, which can measure the overbought and oversold areas, it is currently at the 51.20 level. This means that there has been a shift in the bearish trend to bullish because the value is above the 50 levels.
It can be said that based on the RSI on the daily timeframe the price has not gone into overbought.
Then looking at the MACD indicator, there the histogram is at the 2.7 level because it is above the zero levels, the conclusion is bullish.
However, the MACD signal line has not yet crossed the MACD line, where the current signal line value is -6,371 and the MACD line is -3,963.
4H timeframe technical analysis
Pay attention to the harmonic pattern of BSV / USD on the 4H timeframe, it shows a bullish pattern with a repeating pattern. By drawing trend lines we will find that the price movement is quite easy to predict from the repeating pattern.
Chart by Tradingview.
If you pay attention to the pattern formed on 4H, the trend is bullish by forming a market with higher lows and higher highs.
A way of trading that can be tried to do in this kind of condition is by scalping or picking up short-term swing movements. By looking for opportunities when prices touch the bottom trendline.
Next, we will see how the indicator works in this analytical journal with MACD and RSI as analysis filters.
It can be seen in the picture above where the MACD line signal indicator has crossed the MACD line from the bottom to up, this means it is a Buy signal, by paying attention to the formation of the trendline, traders can try to catch Buy opportunities to get price swings for profit.
Meanwhile, the RSI indicator when this report was written is at the level of 61.87 and is an indication that the bullish trend is still ongoing.
The RSI can be used to measure overbought and oversold measures, but currently, the determining parameters have not been fulfilled so the 4H swing is considered bullish.
Bitcoin SV active address down is a bad sign?
Bitcoin SV's active address can be an indicator that can be used as a method of analyzing possible BSV interests by market players.
Taking data from Bitinfocharts.com there has been a surge and decrease in the active BSV address.
July is the highest chart above 1M. But after that, the chart declined again and then increased in August at 250K until finally it declined again and a flat chart pattern was formed.
Bitcoin SV addresses active in September are again showing the graph increasing at 400K.
Paying attention to the active Bitcoin SV address chart forms a repeating pattern, this allows it to be an indicator of the behavior of the BSV address owner using large amounts of transactions over some time causing the chart to suddenly go up and back down.
The decline in the active Bitcoin SV address may have an impact on the demand and supply in the crypto financial market. However, to measure the number of demands that will increase or decrease, it still requires other parameters that are more comprehensive.
The reference by looking at the active address is just a preliminary analysis than using the indicator as a tool in the dark.
Bitcoin SV is still struggling to survive in the free market conditions with intense competition among cryptocurrency enthusiasts.
The current rank of 10 is prone to change so it may be that it will throw out of position 10 and drop to position 11 or worse.
The purpose behind Bitcoin SV is to return Bitcoin according to the vision of satoshi, after all, Bitcoin SV is still one of the popular cryptos, but its adoption in the public is still not increasing exponentially.
This is due to the absence of clear regulations regarding cryptocurrencies so that Crypto has to do a feud with fiat currencies.
The latest Bitcoin SV news is that the team has upgraded the Bitcoin SV node from software version 1.0.4 to the latest version 1.0.5 with increased stability, in high networks, and increased load. Bitcoin SV is also upgrading mAPI version 1.1 for more innovative further scaling.