Bitcoin SV price prediction suggests the consolidation will be over soon and a massive surge in price may be visible. BSV crypto has been consolidating for quite a long time in the range between $44.00 to $56.00.
Buyers and sellers tried multiple times to break either side of the range. Eventually, the price faced rejection from the supply zone and buyers gave a bounce from the demand demand zone.
BSV price lacks direction and is still stuck in a range. However, the price is sustaining above the 50 day EMA and 200 day EMAs, suggesting that the trend is in upward direction. So, buyers look more active and are likely to win the battle inside the range.
If the buyers succeed in breaking out of the $56.00 hurdle and sustain, then a 10% to 15% rise may be visible in the near future. Till then, BSV crypto price is expected to continue consolidating in the existing range.
Currently, Bitcoin SV price is trading at $49.815 with a minor rise of 0.69%. In the last 24 hours, the volume to market cap stands at 4.52 denoting that the liquidity is quite low.
Will Bitcoin SV Price Show Range Expansion?
Bitcoin SV price lacked direction and fresh buyers are reluctant to build long positions. BSV needs the participation of the big investors and crypto whales for the range expansion.
The price behavior of this coin is quite stable denotes speculative activities are low. So, if a breakout is visible in the future, it will be a good opportunity for conservative investors to build long positions.
The analysis suggests that BSV might show a range expansion in January and begin the next phase of rally.
BSV Crypto Preparing for the Another Breakout Attempt
BSV crypto is preparing for another breakout. This attempt might be more powerful as compared to the previous ones. However, it will be interesting to see whether the buyers are able to take control over the supply zone or not.
The MACD curve is sloping sideways, indicating that more consolidation is possible. The RSI at 50 highlights neutral territory and that the war is still going on between bulls and bears.
Conclusion
Bitcoin SV price prediction suggests bulls might win the battle and range expansion may be visible in coming months. BSV price formed a strong base near $44.0 so the downside risk is low. Therefore, till BSV holds at the $44.00 level, the probability of range expansion remains high.
Technical levels
- Resistance Levels: $58.694 and $65.000
- Support Levels: $44.000 and $39.724
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.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2023/12/17/bitcoin-sv-price-analysis-will-bsv-skip-consolidation-in-jan/