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Bitcoin SV price prediction: BSV price consolidating below $170, what to expect?

Bitcoin Price
  • BitcoinSV consolidating below $174 support
  • BSV price is at $1667.5
  • An upside break could see Bitcoin SV surge past $200

Bitcoin SV price prediction: price overview

Bitcoin SV price is currently correcting below the $170 support zone. Altcoins have been displaying a series of pullbacks in recent days, with many people claiming a bottom might be imminent. After dropping down towards $144, bitcoin SV price bounced back to surge past $173 price. 

The BSV/USD pair opened the day trading at $166.97 after closing the previous day at $167.54. The highest price so far is $169.8 from where the coin has been dropping gradually to reach the current price at $167.55. 

BSV/USD price movement in the last 24 hours

Bitcoin SV price prediction: BSV price consolidating below $170, what to expect? 1
BSV 1-day chart: Trading View

The Bitcoin SV price action moved on a bearish trajectory most of the time after breaching the resistance at $170 yesterday to hit $177. The price retraced back below the support zone to trade where it is currently consolidating gains. 

Bitcoin SV 4-hour chart

Bitcoin SV price prediction: BSV price consolidating below $170, what to expect? 2
BSV 4-hour chart: Trading View

The price of BSV dropped on September 21, following the formation of a symmetrical triangle pattern. A massive bearish momentum followed up the pattern resulting in the decline towards $144.5 on September 21, as it appears on the chart.

Bitcoin SV is currently trading within an ascending parallel channel, and the price just dropped after reaching the top part of the track. The BSV/USD price action is presently moving in the opposite direction towards the bottom part. If it touches the bottom part of the wedge, precisely near the $165 support, it will trigger a buy signal for BSV, sparking a bullish momentum towards $185.

The price movements of bitcoin SV are connected to the market behaviors of bitcoin. BTC price is currently consolidating below the $11,000 resistance zone. The direction it will decide to take might be crucial for the entire cryptocurrency market, including bitcoin SV. 

Consequently, the hype growing in the DeFi sector might also impact the price of cryptocurrencies. With the increased interest in DeFi, it may not be surprising to see digital currencies decline even further. 

Bitcoin SV price prediction

The direction of altcoins is mostly dependent on the price action of bitcoin. Bitcoin seems to be maintaining its price at the moment, similarly to most cryptocurrencies in the market. Bitcoin SV is still within the top ten largest cryptocurrencies after the recent surge by Cardano displaced BTCSV to the tenth position. 

Currently, the bears seem to be in control of the market after a correction, which took the price near $165 support. If the price breaks below this support, bitcoin SV will have broken out of the ascending parallel channel sparking a bearish trend. The price might decline further towards the $136 support if bulls fail to defend the current support line. 

On the other hand, a normal retracement can be expected above the $174 support zone, which might spark another bullish run past the $200 price level. 

In other news, the India-based digital-assets exchange platform, BuyUcoin, recently announced the addition of bitcoin SV trading pairs. The news follows the recent spike in demand for BSV trading pairs worldwide. The applications of the Bitcoin SV network are boosting swift development of the BSV.

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Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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