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What Is the Bitcoin SV price prediction today
AT A GLANCE
- In 2024, Bitcoin SV price is expected to reach $98.89082803864315, according to some experts
- 2025 promises to be turbulent, with prices ranging from $0.4641771318220907 to $25.01, with TradingBeast predicting Bitcoin SV hitting a low at $0.4641771318220907
- By 2030, BSV price can hit $98.89082803864315
Bitcoin SV fundamental analysis
Bitcoin SV is a cryptocurrency that emerged as a result of a contentious hard fork from Bitcoin Cash (BCH) in November 2018. The name "SV" stands for "Satoshi Vision," as the proponents of BSV claim that it is the original vision of Bitcoin's creator, Satoshi Nakamoto.
The hard fork was primarily driven by ideological differences and disagreements within the Bitcoin Cash community over the future direction of the protocol.
After the hard fork, Bitcoin SV set out to increase the block size significantly, initially to 128 MB (and further in the future), with the intention of accommodating more transactions on-chain and scaling the network to handle higher transaction volumes.
However, some community members believe that even larger block sizes were necessary to achieve true global scalability and fulfill the original vision of Bitcoin as described in Satoshi Nakamoto's whitepaper.
Another key point of contention was related to the control and development of the Bitcoin Cash protocol. Differences in governance and development philosophies led to the split, with proponents of Bitcoin SV advocating for a more conservative approach to protocol changes, seeking to preserve the original Bitcoin protocol as much as possible.
Bitcoin SV proponents, led by Australian entrepreneur Craig Wright and Calvin Ayre, founded the BSV blockchain. Craig Wright has notably claimed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, but his claims have been widely disputed in the cryptocurrency community, and there is no conclusive evidence to support his assertions.
Bitcoin SV has its own development team and community contributing to the project in terms of development and governance. The primary development team for Bitcoin SV is nChain, a blockchain research and development company co-founded by Craig Wright. Additionally, several other independent developers and contributors work on various projects related to Bitcoin SV.
The BSV community emphasizes enterprise applications, large-scale adoption, and on-chain scaling solutions. They aim to create a blockchain ecosystem that can handle extensive data and transactions without relying on off-chain solutions like the Lightning Network (favored by Bitcoin) or other layer-two scaling approaches.
Bitcoin SV (BSV) is secured through a mechanism known as proof-of-work (PoW), which is the same consensus algorithm used by Bitcoin (BTC) and many other cryptocurrencies. PoW is designed to ensure the security and immutability of the blockchain by making it computationally expensive and time-consuming to add new blocks to the chain. This process involves miners competing to solve complex mathematical puzzles, and the first one to solve the puzzle gets to add a new block of transactions to the blockchain and is rewarded with newly minted BSV and transaction fees.
The Bitcoin SV project has been a subject of controversy within the broader cryptocurrency community due to its association with Craig Wright and the contentious nature of the hard fork. Many in the crypto space do not recognize BSV as a legitimate continuation of the Bitcoin project, and it has not achieved the same level of adoption or recognition as Bitcoin (BTC) or even Bitcoin Cash (BCH).
Bitcoin SV has not achieved the same level of adoption or market recognition as Bitcoin (BTC) or even Bitcoin Cash (BCH). It is less widely accepted by merchants and has a smaller user base compared to these other cryptocurrencies.
During August 2021, the Bitcoin SV network experienced a "51% attack," a situation where malicious miners gained control of more than 50% of the blockchain's total hash power. As a result of this attack, approximately 570,000 transactions were wiped from the blockchain, leading to heightened confusion within the network.
As defined in the original Bitcoin paper there will be a maximum 21 million of Bitcoin SV tokens (BSV). Newly minted coins from this circulation are allocated to BSV miners as block rewards, rewarding them for validating blocks and adding to their income alongside transaction fees.
These block rewards are intentionally reduced by 50% during predetermined intervals, gradually transitioning miners away from relying solely on these rewards and encouraging them to increasingly depend on transaction fees. Additionally, this reduction in block rewards serves to control the rate at which new tokens are introduced into the system as they approach their maximum supply limit.
As of July 2023, the circulating supply is 19,266,077 BSV.
Bitcoin SV live price chart
A year ago, at the end of July 2022, the BSV price was at around $54. In the very last days of the month, the BSV price chart jumped up to $66, was corrected to $60, and sustained around the same level till the middle of August. But from August 15 the price of Bitcoin SV started to go down. In a week it dropped to $51.53.
During the next month, the price of BSV was bouncing around $53, fighting to keep the support level. On September 20 the value of BSV dropped lower, establishing a new price medium at around $48 for the next 3 weeks. On November 8 to buy BSV traders paid $47, but on November 10 the price of BSV shuttered and dropped to $35, losing nearly 30%. The price of BSV recovered the next day to $40 and then kept jumping up and down but in the uptrend, struggling to return to the previous price level.
By the middle of December 2022, the Bitcoin SV price reached the level of $47, but from that time the BSV price chart entered a long-lasting downtrend. The BSV price chart kept declining steadily till the very beginning of March, though the token didn’t lose so much value, it was underperforming the overall crypto market that was showing signs of recovery from the longest crypto winter.
On March 12 the price of the BSV token dropped to $33, signifying an even stronger downtrend. After the price chart recovered to the level of $36, it established a new downtrend that lasted till the beginning of May. On May 8 to swap BSV traders paid only $32. Suddenly from this point, the value of BSV jumped to $42, as traders were attracted by the low price of the Bitcoin SV. The token couldn’t keep the high price level for longer than a day and on May 13 the BSV was already trading for $36, and continued to decline, reaching $30 by June 10. In the next week, the price of BSV dropped even more to $24.
Such a price loss was showing that the token might go for the price recovery soon, and from June 23 the price of BSV started to go up, reaching $38 by June 26. At this point, investors hesitated whether to keep or to sell the token, but in a few days, the BSV price chart jumped up again, reaching 49$. In the next 2 weeks, the value of BSV was going down and on July 16 traders paid $35 for 1 BSV. Even though the price recovered a little bit in the last few days the BSV price chart still looks quite bearish compared to the overall market sentiment.
Bitcoin SV technical analysis
After going down in a slowly descending wedge from mid-May to mid-June 2023, the BSV price experienced a steep but short-lived decline, bottoming out below $25. After that, the Bitcoin SV price chart formed a cup-and-handle pattern, very quickly rising to its peak and hitting a resistance area around ~$50 in the beginning of July. From that point and until at least the end of July, it has been showing a tendency to form a descending triangle, and as the decline has been gradually slowing down after July 20th or so, it may signal that the support at ~$35 is pretty strong. This caused some people to expect a trend reversal for Bitcoin SV price in the immediate future, although, of course, others still believe that the market sentiment for BSV is quite bearish.
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Bitcoin SV price prediction
Bitcoin SV price predictions summary
Bitcoin SV price prediction for 2024
Bitcoin SV price prediction for 2025
Bitcoin SV price prediction for 2026
Bitcoin SV price prediction for 2027
Bitcoin SV price prediction for 2030
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Summary
As it can be clear from the analysis cited above, Bitcoin SV (BSV) projections are rather contradictory. There is no universal consensus either about positive or negative future BSV price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Bitcoin SV projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
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