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Can Bitcoin SV recover from recent record lows? | Credit: Shutterstock

Key Takeaways

Bitcoin SV is the crypto that maintains that, by adding certain extra features to Bitcoin (BTC) blockchain, it is carrying out what the founder of the original blockchain-based currency wanted to do. At a time when the world of crypto was rocked by the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase exchanges, BSV dropped to an all-time low before making something of a recovery.

But what is Bitcoin SV (BSV)? How does Bitcoin SV work? Lets see what we can find out and also take a look at some of the Bitcoin SV price predictions that were being made on 26 June 2023.

In 2017, some of the developers behind Bitcoin split from the blockchain to form Bitcoin Cash (BCH), citing the old blockchains slowness and wanting compete with other payment platforms. By 2018, however, some of the people behind Bitcoin Cash wanted their new blockchain to feature smart contracts, computer programs that automatically execute once certain conditions are met to help speed matters up.

A vote was taken, and the pro-Smart Contract tendency formed its own, new, blockchain, called Bitcoin SV, short for Satoshis Vision. In case you were wondering, it was named after Satoshi Nakamoto, the pseudonymous founder of Bitcoin.

Interestingly, the key player behind Bitcoin SV, Australian software developer Craig Wright, claims to be Satoshi.

The BSV coin supports the Bitcoin SV blockchain.

Bitcoin SV works much like Bitcoin Cash and Bitcoin. A Proof-of-Work consensus mechanism means that people solve ever more complex mathematical problems in order to add blocks to the blockchain and gain rewards, paid in BSV.

BSV can also be bought, sold, and traded on exchanges.

Lets now cast our eyes over some of the Bitcoin SV price history. Although past performance should never be considered to be an indicator of future results, knowing what BSV has done in the past can give us some very useful context if we want to either make or interpret a Bitcoin SV price prediction.

Bitcoin SV first came onto the market in November 2018, it was worth about $200, but it soon dipped, sinking to an all-time low of $36.87 before it recovered to spend much of the next two years or so experiencing peaks and troughs, reaching peaks of above $300 in 2020.

Things really kicked off in 2021, when the market flourished and BSV shot to an all-time high of $491.64 on 16 April. After that, though, there was a slump and Bitcoin SV closed the year at $121.18.

2022 was a far tougher year for BSV, with a series of market crashes rocking the coin. Following the collapse of the FTX exchange, it fell to $35.13 on 10 November before recovering slightly to close the year at $41.30, representing an annual loss of nearly 66%.

So far, 2023 has been a very bad year for BSV. The token had already sank to new depths before the market crash following Crypto.coms announcement that it was to shut its US institutional trading operations saw it reach a new all-time low of $23.30 on 10 June. After that, there was something of a recovery and, on 26 June 2023, BSV was worth about $36.10.

At that time, there were 19.2 million BSV in circulation representing the total supply. This gave it a market cap of $705 million, making it the 59th largest crypto by that metric.

Bitcoin SVs record low came against the backdrop of a market downturn sparked by the SEC suing Binance and Coinbase. On 5 June, before the announcement of the Binance case, BSV was worth $33.01, meaning that it lost nearly 30% in five days. After that, there was a recovery, which peaked on 24 June at $40.11, up more than 20% from its low.

By 26 June, it had settled down somewhat, but it was worth almost 55% more than its nadir and, encouragingly, was up nearly 10% from pre-crash levels.

Now that that is all said and done, its time to take a look at some of the Bitcoin SV price predictions that were being made on 22 June 2023. Keep in mind that price predictions, especially when they are for something as potentially volatile as cryptocurrency, have a tendency to be wrong. Also, it is worth pointing out that many long-term crypto price predictions are made using an algorithm, which means they can change at a moments notice.

First, CoinCodex had a somewhat optimistic short-term Bitcoin SV price prediction. The site said that BSV would continue to rise, shooting up to $42.64 by 1 July before its growth slowed to $43.46 by 27 July. The sites technical analysis was neutral, with 21 indicators sending bullish signals and 12 making bearish ones.

When it came to making a Bitcoin SV price prediction for 2023, DigitalCoinPrice said that the coin would perform well this year, reaching an average of $72.38. PricePrediction.net, meanwhile, said that it would be more or less where it stands now at $38.87, while CaptainAltCoin was very pessimistic, suggesting that it would crash to $15.58 in September before rising slightly to $16.84 at the end of the year.

In terms of a Bitcoin SV Price Prediction for 2025, CaptainAltCoin expressed concern for the coins future, saying that it might stand at $44.68, but that it also might collapse into being worthless. DigitalCoinPrice, on the other hand, thought BSV could be worth $117.75, while PricePrediction.net said it would trade at $82.06 in two years time.

Moving on to a more long-term Bitcoin SV price prediction for 2030, PricePrediction.net was the most optimistic, saying it could get to $742.53 by then, while DigitalCoinPrice was also bullish in its Bitcoin SV crypto price prediction for the start of the next decade, saying it would reach $374.02.

CaptainAltCoin, though, was not keen on the cryptos chances. It wrote that it could be close to zero at the start of the next decade, adding: The project offers no unique value to set itself apart from countless competitors, hence we dont think it is worth investing in this coin for the long term.

It is hard to say. Keep in mind that the coin has, within the last few weeks, sunk to an all-time low. There are two theories when it comes to dealing with cryptos in a similar position.

On the one hand, there is the argument that you should buy during the dip, because the coin could make a comeback but, on the other hand, it could be argued that it fell to a record low for a reason and that making a return to form will not be easy.

Either way, you will have to make sure you do your own research.

No one really knows for sure right now. While some BSV price predictions, such as those from DigitalCoinPrice and PricePrediction.net, are upbeat, the likes of CaptainAltCoin forecast doom for Bitcoin SV. Keep in mind, though, that price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up.

Before you decide whether or not to invest in Bitcoin Cash, you will have to do your own research, not only on BSV, but also on other, similar, cryptos, such as Bitcoin itself and Bitcoin Cash (BCH). Ultimately, though, you will have to make this decision yourself. If you do decide to put your money into BSV, remember that you must never invest more money than you can afford to lose.

On 26 June 2023, there were 19.2 million BSV in circulation, representing the total supply.

It could do but, if it does, it may not get there for some time. PricePrediction.net says it will hit four figures in 2032. Keep in mind that BSVs all-time high, which it reached in April 2021, is worth less than half of that, coming in at $491.64.

BSV is used to reward miners on the Bitcoin SV blockchain, and it can be bought, sold, and traded on exchanges.

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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Bitcoin SV Price Prediction: Will the SEC Approve BSV as Price ... - CCN.com