Bitcoin Satoshi Vision (BSV) Price Prediction for 2021: Can BSV Trigger Buying Over 110 Support?
Bitcoin SV – Forecast Summary
|Bitcoin SV Forecast: H2 2021|
Price: $70 – $190
Price drivers: Technical bounce off the 50 SMA, Second wave of COVID-19, Crypto market sentiment
|Bitcoin SV Forecast: 1 Year |
Price: $150 – $260
Price drivers: Post COVID-19, Safe haven status, Recovering global economy
|Bitcoin SV Forecast: 3 Years |
Price: $260 – 550
Price drivers: Higher bond yields, Safe haven status, Economic Recovery, Post coronavirus
Bitcoin SV has the only crypto which hasn’t benefited from the surge in the cryptocurrency market so far. It has surged twice but has given back the gains pretty soon. It startet to join the started life in November 2018, as a hard fork of Bitcoin Cash BCH, which itself started life as a Bitcoin fork. The SV stands for Satoshi Vision (SV). It began at around $ 100 more than two years ago, with the aim of adjusting the protocol with larger block sizes to reduce the transaction fees. The cheaper fees align with Satoshi Nakamoto’s original Bitcoin vision, hence the name.
It has made some good progress in that regard, as transactions keep increasing to record highs and continue to advance in that direction, but that hasn’t attracted buyers. BSV started life after the first gold rush in the cryptocurrency market at the end of 2018, so we don’t know how it would have reacted back then, but judging by the price action so far, we can say that Bitcoin SV has completely missed out on the crypto craze of late 2020 and early 2021.
Recent Changes in the Bitcoin SV Price
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Factors Affecting Bitcoin SV
Bitcoin SV is quoted as BSV or BCHSV in different cryptocurrency exchanges, since it is a hard form of Bitcoin Cash. The main goal when it was forked off Bitcoin Cash was low fees, which means that scalability remains the main focus for BSV developers. Recent data shows that transactions have increased and plans are for BSV to increase scalability further. This is a positive factor for Bitcoin SV, in comparison to Bitcoin. Bitcoin SV development is led by nChain, and when it started out, this cryptocurrency was supported by early Bitcoin Cash supporters like Calvin Ayre and Craig Wright.
Bitcoin SV Live Chart
Bitcoin SV Price Prediction for the Next 5 Years
With the public interest regarding Bitcoin turning from a means of payment to an investing instrument for added value, the need arose for another Bitcoin fork to take a life of its own as a payment method, which is how Bitcoin SV started. The Bitcoin Cash (BCH) network hard forks twice a year, as part of scheduled protocol upgrades. In November 2018, unlike previous BCH hard forks, there was a competing proposal which was not compatible with the published roadmap. That month, both groups started creating blocks in their respective, separate blockchains, which created Bitcoin SV (BSV) as a result of that split.
Bitcoin SV Scalability
As we mentioned above, transaction fees and transaction costs were the main reason that Bitcoin SV was born more than two years ago. The Bitcoin Cash protocol was going through an upgrade back then, which aimed at increasing scalability by changing the way the blockchain stored information. Craig Wright, the founder of the Bitcoin Cash developer nChain liked the idea that this could allow software developers to create smart contract software platforms on the Bitcoin Cash blockchain. BCH developer nChain made a software upgrade, calling it Bitcoin Cash SV (Satoshi’s Vision). As a result, Bitcoin SV was born in November 2018, after Bitcoin Cash forked off, opening a conflict between miners who supported the new fork Bitcoin SV and the Bitcoin Cash.
The main vision of Satoshi Nakamoto for Bitcoin was to be a payment instrument of broad and Bitcoin SV has been trying to live up to that vision since the split. According to the miners supporting BSV, one of the ways to do that is to increase the block size. Bitcoin SV proponents and the Bitcoin Cash community differed over the block size, hence the split. The BCH supporters wanted the block size to remain at 32 MB while Bitcoin SV supporters wanted the block to increase to 132 MB. The higher block size has supported the increasing number of transactions, which has soared in recent months, as the demand has surged during this time. The Bitcoin SV’s (BSV) Scaling Test Network (STN) reached a new record last month, processing more than 9,000 transactions per second (tps) at the end of January.
Competition With Bitcoin
Just like the relation between Bitcoin and Bitcoin Cash, which is characterized by a lot of competition, the situation is similar with Bitcoin SV. There are attacks by the Bitcoin community, which have been weighing on the BSV. In spring 2019, a Twitter and Bitcoin user called “Hodlnaut, who also earned reputation for the “Lightning Torch” experiment criticized Wright publicly, with a large Twitter crowd, while Wright responded with threats to take legal action and his comments as fraud. Later, the Twitter crowd turned on Wright, hurting the sentiment for Bitcoin SV.
Although, that was just the beginning, as a number of crypto brokers delisted BSV. Binance was the first to remove Bitcoin SV from the exchange. Kraken and Shapeshift followed soon after, delisting Bitcoin SV, while Binance’s CEO Changpeng Zhao went even further, commenting on Twitter that Wright is a “fraud,” and that “anyone who supports BSV from a tech perspective should be attacking the fraudulent Craig Wright, who is poisoning YOUR community, and not attack the rest of the world.” They blamed it on the “community sentiment”. On the other hand, the BSV community responded with Ed Pownall, a PR representative of Calvin Ayre and one of SV’s biggest supporters replying that delisting BSV sets “a dangerous precedent, while accusing these exchanges of “market manipulation” and “playing God”.
Future Developments for Bitcoin SV
While it had a difficult time at the start, due to competition with Bitcoin which has a big share of the market and can turn the public against you, the present situation seems better and the future brighter. Several other exchanges have adopted BSV, with one of the latest ones being BuyUCoin. This is a digital commodities exchange popular in India. The firm announced that it has officially introduced support for Bitcoin SV [BSV] on its platform. BSV/INR and BSV/USDT trading pairs were listed in the platform and were available for trade.
Bitcoin SV uses the Scaling Test Network (STN) which is a project by the Bitcoin Association and operated by nChain. The purpose of it is to continuously increase the enterprise scalability. There are two ways STN uses the nodes, for mining, and for listening around the globe to make sure that transaction numbers seen are from a globally distributed network, in order to match real-life operations as closely as possible all over the world, similar to the Internet of Things (IoT).
It’s still early testing for the STN version 1.0.7 regarding the chain lengths, but so far users notice raw performance improvements. Kristensen commented on improvements made to the STN to increase the capacity:
”The performance improvements in 1.0.7 played a big role here. The care and dedication from the SV node team is second to none. The improved handling of chained transactions appears to be paying dividends. We still want to play around here a bit more, with the recent increase to support chains of 1,000 by default.”
We have seen some record transactions-per-second (TPS) in 2021 so far. The record tps breaks were achieved with chain lengths which varied between 2 and 12. This confirms the long-term endurance of the network under load. BSV likes big blocks. BSV’s transaction capacity keeps increasing, with early February’s record 16,415,525 transactions in a single block, which is the largest on any blockchain, ever. It will only increase, as the next round of tests starts with chains of 25 increasing as the days roll on.
All this shows that the BSV blockchain is getting ready to receive and process big data and enterprise-tier applications. These could be all sorts of contracts such as financial or legal ones, IoT data, financial applications, exchanges, health data, government and property records, as well as a wide range of tokenized “assets” which could be anything really. These applications would also operate on a global scale. So, it seems like BSV’s high processing capacity and the growing potential for transaction scalability will become very attractive for companies which like to process large data throughput, without delays and transaction bottlenecks. In continuation of this, DotWallet announced only a few days ago that it is releasing a new service, which is called “Badges”, which is another advancement for Bitcoin SV, since now developers can create any kind of token on the blockchain. This gives BSV the capability for asset tokenization in line with BSV’s development vision.
Bitcoin SV Technical Analysis – BSV/USD Supported at 110.40
On the monthly Bitcoin SV chart analysis, we can see that there is a clear trend, and that trend is bearish, as the lows keep getting lower. On the monthly chart, the BSV/USD coin has closed three black crows candlestick patterns that are supporting strong selling bias among investors. Moreover, the BSV/USD coin has also violated the upward trendline at 150 level and now this support level is likely to work as resistance for Bitcoin SV.
On the lower side, the BSV/USD coin is likely to gain support at 110.450 and a bearish breakout of this level can extend the selling trend until the next support area of 70.47 and 47.80. On the other hand, resistance stays at 150 and 190 levels. However, the breakout of these levels can trigger further upward trends until the 260 level.
Taking a look at MACD and RSI, both of the indicators are holding in a sell zone, suggesting a strong bearish trend in the market. However, the recent monthly candle is likely to close with a long shadow above 110 level. This demonstrates weakness in selling bias, perhaps sellers are exhausted and they may start taking profits. This will give bulls the opportunity to buy the oversold cryptocurrency pair.
Thus, let’s keep an eye on the 110.400 level as bulls may take over to target 191 and 261 levels. Good luck.
Bitcoin SV to gain support at 110.400 level on Monthly Chart
Updated: Aug 03, 2021