Could Cream Of The Crop Crypto Coin Bitcoin (BTC) Ever Really Be In Competition With BSV Token?
Could Bitcoin (BTC) Be In Competition With Bitcoin SV (BSV)?
At the time of writing this, Bitcoin has dropped a bit further again, staying just a bit above $7,500 according to CoinMarketCap. This pullback seems to support a few recently made predictions about the asset’s performance. If you’re bearish, this could mean that the prediction just might be coming to pass. The more bearish analysts have predicted significant lows for the asset with some seeing a drop to about $3,000. However, if you’re as bullish as most of the analysts in the market, then the pullback is a normal part of the process. This is because, as many have agreed, Bitcoin is extremely overbought and pullbacks are necessary to correct this before it surges again. Some analysts recently agreed that Bitcoin will near $10,000 before the year ends.
One analyst who has predicted a notable pullback is Tuur Demeester. The founder of Adamant Research has stated in a tweet that Bitcoin could very possibly experience another major pullback. However, Demeester’s opinion is not an entirely gloomy one. According to his tweet:
“Bitcoin could be breaking down here to ease into a more sustainable pattern. (For parabolic moves to be sustained, momentum is of the essence.)”
Bitcoin is currently still struggling to hit $8,000 and instead of hitting the mark, it lost a few hundred dollars. The recent drop, as some have speculated, might be related to Bitcoin SV.
Why Bitcoin SV (BSV) May Have Affected Bitcoin (BTC)
Creator of Bitcoin SV, Dr. Craig Wright, is almost always constantly in the news. Most of the time, he’s either in the news for claiming to be Satoshi Nakamoto, suing people who refute his claim or some new information about his ongoing Kleiman V. Wright case comes to light.
However, the value of his BSV surged almost 100% recently, after he copyrighted the Bitcoin white paper. Even though there really is no direct link as to why this is the reason for Bitcoin’s drop, there’s a very good chance that quite a few people may have disposed a significant amount of BTC to acquire BSV.
Whether you lean towards the bearish or the bullish, it would seem now that pullbacks are almost completely inevitable. A recent study has shown that many experts, even those who see Bitcoin surging later this year, expect that the price would still drop further. These experts from different firms have predicted the surge to surpass 20% which would see Bitcoin ending the year just a few dollars short of $9,659.
Josh Olszewicz has also said that the Ichimoku Cloud, a series of technical indicators that predict price direction using movement along with support and resistance levels – has said that the cloud points to the possibility of Bitcoin dropping to $6,150.
In addition, popular trader and analyst – Peter Brandt – has also predicted that before another full bull run would happen, another pullback is almost certainly expected. Brandt sees the possibility of a double bottom as it happened in 2015 before another long and continuous price rally.