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Bitcoin SV (BSV) remains bullish on the daily timeframe, with its price up another 7% over the last 24 hours as it extends its gains this week to over 28%. When writing, BSV was trading at 43, levels last seen over four months ago.
The Bitcoin fork’s live market cap is around $828 million, with over $200 million daily trading volume coming in on Thursday. The 24-hour trading volume had increased by 40%, reinforcing increased investor interest in the crypto. Bitcoin SV price has grown by 30% over the last four days and 0ver 10% over the last couple of days.
Top 10 #Crypto Performers in past 2 Days within Top 100 Marketcap Coins:
1. $CPRC 250.70%
2. $RLB 14.59%
3. $BSV 11.23%
4. $INJ 6.34%
5. $XRD 4.71%
6. $RNDR 4.28%
7. $XEC 2.33%
8. $RUNE 1.96%
9. $MINA 1.87%
10. $DYDX 1.10%— Ava monaro (@AvaMonaro) October 19, 2023
BSV’s rally appears to be a function of gains in the Bitcoin (BTC) price earlier this week on rumors the U.S. The Securities and Exchange Commission (SEC) had approved a spot Bitcoin Exchange Traded Fund (ETF) application by Blackrock, opening the door for an accelerated wave of institutional buying in the US.
While that news, which initially appeared on Cointelegraph’s X handle, turned out to be fake, it warned the Bitcoin bears to stay out of the market, given they could quickly get liquidated if a Bitcoin ETF were to be approved.
Bitcoin SV Price Prediction – Is a Return to 56 Possible?
BSV’s latest price uptick, which has seen it hit new highs for over three months, has opened the door to a potentially rapid move towards the crypto’s 2023 highs above $56.
The latest rally has seen the Bitcoin SV price flip to the north of its major moving averages (an area extending from $33 to $35) and continues a recovery that it has been nurturing since the August lows at $26.
The $45 psychological level is acting as strong immediate resistance. While the bulls managed to push Bitcoin SV above this level in late June, this move higher proved to be a bull trap as the price plummeted more than 50% thereafter after reaching highs of $56.
Buyers will now attempt to push the price back above this level, hoping the recovery will be sustained. If this happens, the BSV price will climb higher to collect the supply-side liquidity above it. The next logical move would be toward $50 or a return to the July 1 range, around $56. This move would see Bitcoin SV rise approximately 30% from the current price.
BSV/USD Daily Chart
This positive outlook for BSV is supported by the upward trajectory displayed by the Moving Average Convergence Divergence (MACD) indicator. This trend-following oscillating indicator had just sent a call to buy Bitcoin SV on the daily chart. This occurred on October 16 when the MACD line (blue) crossed above the signal line (orange), suggesting the beginning of an uptrend.
The price also sat on strong support around the $32-$35 demand zone, embraced by the simple moving averages. Increased buying from this demand zone could bring the hind winds required to propel the BSV price.
Conversely, sellers could book profits on the latest rally with the price turning down in the process. The correction could lead Bitcoin SV toward $40 and later toward the support recently established at $38.5. Lower than that, the demand zone described above, embraced by all the major SMAs, could provide the next line of defense. This is where BSV’s downside could be capped in the short term
BSV Alternatives
While Bitcoin SV’s outlook is good, the cryptocurrency remains a big risk given its poor history of being unable to sustain solid price performance. For investors looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
One such crypto in presale is Bitcoin Minetrix (BTCMTC), a unique blockchain network operating on a stake-to-mine concept. Bitcoin Minetrix will leverage $BTCMTX tokens to tokenize cloud computing to reduce the entry barrier for mining Bitcoin.
Through the Bitcoin Minetrix Ethereum-powered smart contract, $BTCMTX token holders can stake their holdings.
Token holders can generate passive income and earn cloud mining credits through the staking contract. While these credits are not tradable, they can be burnt on Bitcoin Minetrix to purchase Bitcoin cloud mining power.
At the time of writing, the presale price of one BTCMTX token is $0.011 during the first presale round. The price will surge to $0.0129 by the 20th and final presale round. Bitcoin Minetrix wants to raise $1.54 million from the first presale stage – which ends on October 16, 2023. So far, more than $1.77 million has been raised.
#BitcoinMinetrix Stage 2 is ending in 4 days! ⏳ pic.twitter.com/gpOd9BxnzH
— Bitcoinminetrix (@bitcoinminetrix) October 19, 2023
Interested investors can start by making a $10 minimum purchase on the presale. The $BTCMTX token can be swapped with Ethereum (ETH), Tether (USDT), or BNB (BNB).
To learn more about this new stake-to-mine cryptocurrency project, visit Bitcoin Minetrix here for more information.
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