Bitcoin Satoshi Vision or Bitcoin SV is a popular cryptocurrency that closely aligns with the vision of Bitcoin creator Satoshi Nakamoto. At the time of writing this post, the BSV price is trading around $42.39 above the Bollinger Band’s baseline. Last month, it formed the yearly low of around $34, but it regained smoothly within a few weeks. Based on the technical chart, $47 could be a resistance because it took support around that level earlier this year.
However, $42 is a good time to invest for the short term with a target of $47 because most other technical indicators are bullish, which suggests a positive momentum, at least for the next few weeks.
In the last seven months, it has been consolidating within a range, many crypto enthusiasts were bullish on BSV, but due to the FTX liquidity crisis, investors lost confidence, and most coins formed yearly low in the first week of November. However, this uptrend might bring the momentum back if it breaks the resistance of $47. Are you interested in investing for the long term? Read our Bitcoin SV predictions for in-depth analysis.
In the first half of this year (May-August), it has faced selling pressure from the level of $65, so it is an important level for the long term. Based on the technical chart, you should not invest for the long term until it crosses the level.
BSV/USD has changed the momentum from August; now, it is in a downtrend. We think it will cross $47 and consolidate between $65 and $45. That could be an ideal time to invest for the long term if you have not already accumulated Bitcoin SV at that level.
However, it is available at a lower price, but you should not accumulate more at this level because if it breaks $34, the BSV price will fall to $20, which will be a better time to accumulate more coins. Otherwise, it will consolidate within the previous range. Indeed, you can invest for the short term with a target and stop loss, but it is time to wait for the right opportunity until it gains momentum for the long term.
Indeed, it is an uncertain time in the crypto market because many retail investors are worried about the sustainability of numerous cryptocurrencies. However, we think only a few fundamentally strong cryptocurrencies will survive, and Bitcoin SV is one of them. It is a hard fork of Bitcoin Cash with similar technology to Bitcoin, but the future will depend on market adoption.