Bitcoin SV halving is here for the first time: Will BSV/USD rally to $300?
|- Bitcoin SV halving will take place on Friday, roughly a day after Bitcoin Cash halving.
- BSV/USD settles above $220 short term support; volatility following the halving is likely to pull the price closer to $300.
Bitcoin SV (BSV), the coin that hard forked from Bitcoin Cash (BCH) is set to undergo its first halving on Friday. The mining reward halving process is taking place barely a day after BCH went through a similar event.
The event will reduce by half the amount of BSV assigned to miners per block mined. Halving ensures that inflation is kept in check while maximum supply does not overshoot 21 million coins. This week’s event is expected to take place at block #630,000. Bitcoin SV is currently at block #629,864. It will take miners approximately 24 hours to hit block #630,000.
Impact of halving on BSV
Volatility is a factor associated with halving events not only for BSV but also when it comes to Bitcoin (BTC). At the same time, miners are bound to earn less for every block mined.
Meanwhile, Bitcoin SV is trading at $223 following more than 14% growth in the last 24 hours. Immediate support has been established above $220 as buyers focus on pulling the price above $250 resistance. The price has also settled past the moving averages in the 4-hour range. In this case, the 50 SMA and the 100 SMA have been turned into tentative support areas.
Looking beyond the halving, I expect heightened volatility in BSV price performance. Gains towards $300 are likely but losses are not out of the picture. Therefore, support at $200 must be defended at all costs. For now, the bullish trend is supported by both the RSI and the MACD.
BSV/USD 4-hour chart
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