Bitcoin SV is postured to be the fuel for the emerging data-ownership economy. As such, and as the obsolete Ethereum and BTC Core networks have continued to see high fees, slow confirmation and devastating user experience problems, Bitcoin SV has started to take back market share among people who need a frictionless payments, tokenization and development platform.
The clear entry on the chart was in the $185 range at the end of March, and the price is up about 95% since that entry.
On the daily chart, BSV/USD is showing the formation of a bullish Breakout/Retest pattern. The entry for the next possible leg up is around $325. With the previous all-time high (ATH) yet to be tested in the last year, and lots of market share to regain, anything is possible with this chart.
On the monthly chart, a more obvious channel becomes apparent alongside a multi-year bullish ascending triangle pattern which has just broken bullish. BSV has respected the lower trend line since Q4 of 2018, and has not tested the top of the channel in over a year. This indicates a possible longshot target of $1000-1200.
Given the exuberant market conditions and BSV’s tepid correlation to the market as a whole until the last few weeks, this is not an unreasonable target. Or at least, it’s no less reasonable than the other ridiculous valuations across other blockchain assets.
However, in BSV, there has been strong development by independent businesses. UNISOT is on a tear with the release of big platforms with SAP integrations. This includes the launch of their “Digital Product Passport,” and hinting at weekly releases for the foreseeable future. Twetch has released a flagship NFT integration based on their Twonks protocol, and has seen growth in membership and usage accelerate across the platform. This is a bullish fundamental metric as one of the key starting points for newcomers to see what’s possible on the unbounded bitcoin protocol of BSV.
Social media competitor Relica has also seen similar growth in number and quality of use. TonicPow has lots of organic growth in on-chain advertisements with a reported 8,000 new users last month according to TonicPow CEO Luke Rohenaz.
The Bitcoin Association just returned from a successful trip to the Anthony Ritossa Summit in Dubai and the first official trip to Sudan by ANY outside organization in nearly a generation. The topic? Digital disruption with Bitcoin SV. This piggy backs off of recent good news with the launch of the RelayX DEX, updates to the Haste Arcade, release of Mitto.cash, updates from on-chain podcast platform Castr.fm, the 44,000,000% gains made on BSV’s SHUA token, the release of NFTY Jigs from Unbounded Enterprise, and the release of the on-chain voting system for the rapidly growing Gorilla DAO.
There are also rumors circulating of the imminent release of long-awaited projects from FYX/CryptoFights, nChain, TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) , Fabriik, Bitstocks and many others coming soon™.
Fundamental variables include the case between COPA and Dr. Craig Wright, and the on-going litigation between Wright and Ira Kleiman, but the influence of Dr. Wright over the price of BSV is diluted every day as businesses move from other platforms to the only one that can scale: Bitcoin SV. Readership of CoinGeek.com and viewership of our flagship media content on YouTube, Streamanity and across social media are also surging, adding to the bullish indicators in the markets for the foreseeable future.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.