Bitcoin Satoshi Vision, better known as Bitcoin SV, came into the crypto market with the sole intention of ensuring that Satoshi’s vision for building the Bitcoin blockchain is achieved. The token is an altcoin, and just like what other altcoins have been experiencing this week, it is on a bearish trend.
In the past 24 hours, Bitcoin SV has shed 14.1% of its value. At the time of writing, the token was trading at $122.79.
Bitcoin SV Price Analysis
BSV is trading at one of its lowest points this year. In just a month, the coin has lost around 27% of its value, and after a slight recovery during the May crash, the token is back to trading at highly low levels.
However, trading at its lowest presents a good entry position for investors. The price fluctuations to the downside may be insignificant at the current level, hence lowering the risk for investors who purchase the token now. The current level is ideal for investors who want to go short and sell when the price adjusts to an uptrend.
The uptrend depends on support from Bitcoin and the broader crypto market. If Bitcoin crashes lower than the $30K mark, there is a high chance that Bitcoin SV may retreat to the $100 levels and go even lower. Currently, BTC is trading at $32K, after another fall in the past 24 hours.
Before the May crash, Bitcoin SV was at play between the $180 and $200 resistance levels. Going by the current value, the lower support level is at $120, and if the token retreats to below $120, it might trigger a selloff as investors rush to reduce their losses. However, the effects of the selloff may be buffered by investors who want to enter at below $120.
The team behind Bitcoin SV has been working to push for the adoption of the token’s underlying blockchain network. At the beginning of June, the Bitcoin Association, a global industry association based in Switzerland, introduced a Simplified Payment Verification (SPV) update to the Bitcoin SV network. The update would enable scalability and maintain peer-to-peer functionalities by allowing users to verify payments on the network without executing a full network node.
As mentioned, Bitcoin SV’s potential of scalability compared to other similar blockchains such as Bitcoin and Bitcoin Cash places its native token at an advantage. However, the adoption of the token is lower compared to its other two counterparts.
Where to Buy Bitcoin SV
If you want to purchase Bitcoin SV, create an account on either of the below exchanges:
eToro is one of the most reliable and secure exchanges. It has a presence in many countries and offers a variety of cryptocurrencies to trade from. Creating and operating a crypto account on eToro is easy and secure. Besides, it is one of the few exchanges that permit copy trading and gives new users a demo account to train with.
Binance is the largest global exchange in terms of trading volumes. The advantage of opening an account on Binance is that you will have more than 100 currencies to choose from. Besides, it offers a wide range of altcoins, hence making it easier to diversify your portfolio.
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