This week has been a topsy-turvy one for Bitcoin SV [BSV], starting off with an illegal picture making its way to the coin’s network, falling out of the top-10 following the remarkable rise of Binance Coin [BNB], and its addition to the Exodus Wallet. The now eleventh-place cryptocurrency has had its highs and lows, as the market seems to recover from the mid-week slump.
Bitcoin SV is still trading in red, with the coin’s price pegged at $61.8, a 2.83 percent decline against the US dollar and poses a market cap of $1.088 billion, just over $30 million behind Binance Coin.
In terms of exchange dominance, Bit-Z took the top spot with $13.58 million or 18.15 percent of BSV trading volume in the BCHSV/BTC trading pair. Following up is IDCM and Binance with 7.4 percent and 7.05 percent in the BCHSV/USDT trading pair.
Prior to the recent mid-week bullish increase, the coin had been on a downtrend stretching from $69.41 to $61.07, and immediately post the uptrend, the coin shot down from $69.46 to $63.19. The coin shot up on February 6 from $58.99 to $69.41.
The coin’s immediate support level stands at $69.55, which the coin touched mid-week and is now trading below, while the coin’s immediate resistance stands at $58.14.
The Parabolic SAR points to a bearish swing for the coin as the dotted lines are aligned above the coin’s trend line.
The MACD line shows that the coin broke into a bullish zone at 1500 UTC on 6 February, and now correcting forces are pushing it back into the bearish zone.
The Relative Strength Index shows that after the bullish high raised the RSI to 80.92, it has been on a steady decline with the press time RSI at 44.69.
The coin has been riding a downtrend since mid-December with no respite, the downtrend as it stands stretches from $115.63 to $68.35. Prior to this downtrend, the coin enjoyed two short spurts from $58.35 to $108.36 and the next from $74.26 to $114.27.
Bitcoin SV finds immediate support at $61.98, which the coin is currently trading slightly below. The immediate resistance level of the coin stands at $67.70, which the coin fell below at the end of January.
The Bollinger Bands point to steady volatility since the beginning of January, while the Moving Average line indicates that the coin is trading in a bearish zone.
The Awesome Oscillator still pegs the eleventh-largest cryptocurrency trading below 0, however, the lines are green, indicating that bullish momentum is to take over soon.
The Fisher Transform line show that the coin has made a switch from the bears to the bulls as the Fisher Line has overtaken the Trigger Line.
Bitcoin SV enjoyed a brief but significant rise in the middle of the week which has spurred a bullish wave for the coin in the short-run as the price has risen above the support level and the market cap has not slumped below the $1 billion mark. The indicators on the one-hour chart indicate that due to market stabilization, the bears are tightening their grip on the market. However, in the long-run, as seen in the one-day chart, the volatility of the market is decreasing as the indicators point to a bullish swing.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
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