The price of Bitcoin SV (BSV) has seen a massive 45% spike over the past day. This is likely driven by an impending Coinbase delisting set for January 9, 2024, causing increased trading activity and speculation around the cryptocurrency. According to user @wiseadvicesumit, much of the trading volume and price movement is coming from Korean exchanges like Upbit.
As @wiseadvicesumit states, “68.3% of the trading volume is concentrated on Upbit. It simply shows that Korean traders are the main driving force.” This helps explain the recent price volatility and upward momentum. Now traders are wondering if this pump is sustainable and whether BSV can hit the $100 mark.
What Is Bitcoin SV?
For background, BSV is a cryptocurrency that emerged from a hard fork of Bitcoin Cash in 2018. As explained by @wiseadvicesumit, “Its goal is to fulfill the original vision of Bitcoin as described in Satoshi Nakamoto’s white paper. BSV aims to offer scalability, stability, and advanced capabilities such as tokens, smart contracts, and more.”
In short, BSV represents a technically-enhanced version of Bitcoin, with larger block sizes and advanced features beyond just payments. This underlying technology and vision could also be contributing to the renewed interest from traders.
Riding the Trend Upwards
According to trader @Ewex00, the rapid price increase means a healthy retracement is likely before continuing upwards:
“Will it go straight to $100,= not often it goes up straight without a healthy retracement Underneath $85 will be interesting.”
@Ewex00 recommends watching the $85 support level after this parabolic rise. The current retracement price stands around $89, so if $85 holds as support then traders could enter long positions in anticipation of a continued rally towards $100.
By keeping a close eye on support levels and being prepared to open or close positions accordingly, traders stand to profit from this high volatility and bullish momentum in BSV–at least until the Coinbase delisting date later this month. The delisting could spark renewed selling activity, making the next couple weeks an opportune time to ride out this trend.
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