BSV price prediction remains bullish for the short term as well for the long term till it sustains above $60 support. Recently, the bullish momentum has taken a halt and the price faces rejection from the $112.00 hurdle. It shows that sellers are getting active and trying their best to restrict the further upside.
Bitcoin SV price fell 12% in the last trading session and witnessed sharp profit booking from the higher levels. The chart pattern says that this crypto price got stretched. So, it is just showing a temporary retracement and very soon buyers might come forward to halt the downfall.
The trend of BSV is still in the upward direction because the price is sustaining above both the EMAs. The crypto is coming closer to the 50-day EMA, which may act as immediate support for the bulls.
In the last session, this coin hit a swing low at $71.09 and displayed a sharp recovery. It clearly shows the presence of buyers at the lower level who are ready to accumulate BSV at a cheaper rate.
Currently, the Bitcoin SV crypto price is trading at $84.75 with a one-day decrease of -2.08%.
BSV Price Analysis: Should Investors Go for Buy on Dips?
BSV price is reversing down and bears are trying to erode the majority portion of December 2023 gains. It loses momentum but buyers are not ready to step back and seem like waiting for dips to build fresh longs.
The performance of Bitcoin SV in the last month has made clear that big investors are bullish on it. So, they might have injected money at lower levels and would go to any extent to defend the $60 support.
Therefore, new participants can take this downfall as an opportunity to buy BSV at a cheaper price.
What’s the New Supply Zone in Bitcoin SV Price?
Bitcoin SV price corrected 25% from the recent swing high and bears showed their presence on a higher level. For the coming months, the $100 to $112 range will act as a supply zone for the bulls.
Until buyers succeed in pushing the price above the supply zone the price may lack momentum. The other probability may be that the price entered into the consolidation phase to form a strong base.
Conclusion
BSV price prediction is mildly bullish for the short term till the price holds $60 support. However, the price will pick up momentum when buyers can regain the $100 mark.
The analysis suggests the downfall in Bitcoin SV looks temporary, so investors should accumulate it to generate nominal gains.
Technical levels
- Resistance levels: $100.02 and $112.92
- Support levels: $70.17 and $55.57
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/04/bsv-price-tumble-12-time-to-accumulate-bitcoin-sv-at-cheap-rate/