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.
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.
BSV/USDT 1-hour chart, Source: TradingView.
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.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
