Bitcoin SV: Let’s Speculate
Craig Wright may or may not be a real Satoshi Nakamoto. Despite that, his cryptocurrency is the hottest topic in the industry. How did it happen?
A few weeks ago, Dawid wrote a story that he doesn’t care anymore who the real Satoshi is. As it turns out, the industry doesn’t share his approach. The chart of BSV is pure madness.
In May, Bitcoin SV noted a record-breaking increase and found itself on the eighth place in the cryptocurrency ranking. The highest reached value was USD 254, which also initiated the Bitcoin SV activity on the Bitfinex market in November 2018. However, this boom didn’t last long, because within the week the quotations went down to the lowest level so far, of about USD 39.
We could observe a similar situation in May 2019. The total surprise in the market dynamics began on May 21, when after the initial stagnation, the fluctuations of the rate oscillated around USD 20. The boom pulled the market to the peaks of USD 254 value. There was also an ad hoc pessimism in the credibility of increases on May 30, and quotations reached temporarily USD 45.
And now…what? To the roof?
Undoubtedly, the intensive movement, that lasted a couple of days resulted in the increase of market capitalization. This reflects the 246% jump in BSV value. BSV has become the fastest growing cryptocurrency reaching the level of USD 254 with a big bang. What is behind such a growth rate? Turns out that an Australian entrepreneur from the cryptocurrency industry, Craig Wright is trying to prove that he is allegedly the legendary Satoshi Nakamoto.
From a technical point of view, the return of the BSV rate above USD 230 would be the first positive signal for bulls. If after breaking this level, the power of movement led the rate to the USD 254 level within a couple of days, it would be the confirmation of bulls’ scenario. Looking at the technical situation at BSV quotations, we can see that thanks to the latest increases its price reached the area of historical peaks. Given that the price of this cryptocurrency has never been higher, if only the resistance is beaten, we would expect further increases. It will no longer be possible to determine another resistance in the area where a supply reaction could occur. However, we would see the abreaction and making profits. If the demand becomes weaker, we could expect the return to the trendline of around USD 170. Further moods of bears can move the rate to USD 120.
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