BSV Price Action Pattern
Back when BTC’s 2014–15 bear market turned bull, it followed a relatively consistent pattern. Its price rose significantly past the previous short-term high, then corrected back down to just above that last high price point.
After dropping to just-above the previous high, the price would rise at a steady pace, with a few minor pullbacks along the way. Then, when it approached the last short-term high, it would rise dramatically and then follow the same corrective pattern. That is, until it approached the actual all-time high of $1,100-$1,200, set back during 2013’s end-of-year run-up. Once that point came, the consistent pattern ended, and the entire crypto market began rising at an exponential rate.
Now to the similarity with Bitcoin-SV: Bitcoin-SV’s previous all-time high was around $240, back during June of 2019. Then recently, in January of 2020, it rose all the way up to over $400 a piece. After reaching this threshold on a day where the price rose by over 100%, it corrected back down to just-above the previous high of $240 shortly thereafter. Then within a week, it bounced back up to over $300: It exhibited the same price pattern BTC followed during 2015–2016’s ascent.
Now this isn’t to say that BSV is going to continue to follow that pattern. It’s probably too early to call it, and I lack a crystal ball, so it is really just a guess. I do think it is likely to happen, however, although with a slight variation. I think the pattern will continue to play itself out, but I think the sequence of events will be quicker and more dramatic than BTC’s during late 2015 to early 2017.
I think this will be the case, because, I see Bitcoin-SV as highly undervalued due to unjustified market pessimism, and I believe this negative sentiment will reverse sometime this year. With the Genesis upgrade enabling Bitcoin to reach its full potential, and scalability with real-world usefulness as its guiding light, I envision the negative tide turning positive, and BSV usage rising rapidly, along with what everybody else outside of Bitcoin-SV primarily focuses on: The price.
Time will tell if this accelerated price pattern prediction returns true. There’s no way of knowing for sure, but as a biased Bitcoin optimist, it certainly feels like it should. We shall see.
Thanks for reading.
