Bitcoin SV Price Forecast: BSV likely to rally 16% ahead of Bitcoin ETF approval
- Bitcoin SV price slipped into a downtrend between January 1 and 7, shedding 38%.
- This bearish trend was reversed on January 8, when BSV price increased by nearly 20%.
- Investors can expect to buy the dip before BSV kick-starts its second leg to retest the next key barrier at $101.
- A one-hour candlestick close below $76 will invalidate the bullish thesis.
Bitcoin SV (BSV) price is back in demand due to expectations surrounding the Bitcoin spot ETF approval. As a result, all BTC-related assets, like BSV, Bitcoin Cash (BCH) and Stacks (STX), are showing strength. The potential ETF approval deadline given by many analysts is Wednesday, and investors expect this to be a watershed moment that propels BTC above $50,000.
Also read: Bitcoin Spot ETF wars intensify as issuers work on competitive fees, BTC price eyes gains
Bitcoin SV price ready to move higher
Bitcoin SV price rallied a total of 37% between late Sunday and Monday, setting up a local top at $97.20. This upswing undid the one-week downtrend between January 1 and 7 and signaled a trend reversal.
Since setting up the local top, Bitcoin SV price has dropped 10% and is currently hovering around $88. Investors looking to capitalize on the heightened liquidity as a result of the ETF news can choose to open long positions between $82 and $87. This zone harbors $86, which is the highest volume traded point, also known as the point of control for the price action between December 26, 2023, and January 8.
A bounce here could serve as a good bidding point for sidelined buyers. Hence, Bitcoin SV price could kick-start its second leg from here and eye a retest of the next key hurdle at $101, which is roughly 16% above the current price level.
In some cases, a volatile spike in buying pressure could cause Bitcoin SV price to sweep the range high at $113.
Read more: Stacks price could trigger 25% rally ahead of Bitcoin spot ETF approval this week
BSV/USDT 1-hour chart
While the bullish outlook is warranted, considering the hype around a Bitcoin ETF approval, a delay or rejection in the ETF could send Bitcoin SV price spiraling. In such a case, if BSV produces a one-hour candlestick close below $76, it will invalidate the optimistic thesis by rendering the bullish market structure shift null and void.
This development could see Bitcoin SV price crash by nearly 9% to revisit the range low at $70.
Read more: Bitcoin Cash price presents a bullish breakout after weeks of whale accumulation
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
