Bitcoin sv price prediction: What is bitcoin sv (BSV)?
By Peter Henn
Updated
It’s the de facto ‘grandchild’ of the biggest crypto around, but what is bitcoin sv (BSV)?
Let’s see what we can find out about BSV and examine some of the bitcoin sv price predictions that were being made as of 12 December 2022, too.
BSV to USD
Bitcoin sv explained
When it comes to cryptocurrency, there is no debating that the biggest crypto out there is bitcoin (BTC).
The coin is the largest crypto by market cap and is so ingrained in public consciousness that, for many people, cryptocurrency and bitcoin are synonymous.
Indeed, in the world of crypto itself, pretty much any crypto that is not bitcoin is classified as an altcoin. In other words, whatever the coin is, it is defined by not being bitcoin.
In order to tell you what bitcoin sv is, we need to take a quick look at some history.
In 2017, there was a dispute between the wider organisation behind bitcoin. Some developers believed that bitcoin’s value stemmed from it being a method of payment, while others were more interested in the technical aspect of the blockchain.
The Bitcoin Core group, which was the key developers behind the project, were in this latter group.
The former group, on the other hand, thought bitcoin needed to make itself more competitive to counter the likes of PayPal and other online payment methods. Their way of doing this would be by making transactions on the blockchain cheaper, or moving costs to other parts of the network.
A decision was made and bitcoin cash (BCH) was created as a hard fork.
BCH to USD
Anyway, the devotees of bitcoin cash soon had a falling out themselves. In 2018, there was a disagreement as to whether or not to allow the blockchain to make use of smart contracts, which are computer programs that automatically execute when certain conditions are met.
While these are popular on other blockchains, such as Ethereum (ETH), the Bitcoin blockchain does not support smart contracts, and neither did Bitcoin Cash.
However, this was a matter of some debate and, to cut a long story short, there was a hard fork, with the new blockchain, Bitcoin SV, being set up.
The man behind the chain, Craig Wright, has claimed to be the original Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Indeed, SV stands for Satoshi’s Vision. Bitcoin SV’s native token, bitcoin sv, is also known by its ticker handle of BSV.
Bitcoin sv is used to make purchases, and can be bought, sold and traded on exchanges. One important thing to point out is that bitcoin sv does not have a whitepaper explaining precisely how it works. This might, ultimately, discourage potential investors.
What is your sentiment on BCH/USD?
Bitcoin sv price history
Let’s now cast our eyes over the BSV price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can give us some very important context when it comes to both making and interpreting a bitcoin sv price prediction.
Bitcoin sv first came onto the open market in November 2018, hitting a high of over $200 before dropping to an all-time low of $36.87 on 23 November.
Throughout 2019, the price fluctuated between about $230 and $80, while in January 2020 the price peaked at more than $400 before dropping back down to spend much of the year between $150 and $200.
In early 2021, the market boomed and, on 16 April 2021, BSV reached an all-time high of $491.64. After that, though, there was a decline and it closed the year at $121.18.
BSV price history from launch to present – Credit: CoinMarketCapSo far, 2022 has not been a good year for cryptocurrency and bitcoin sv has struggled along with the market.
After moving to $125.23 on 2 January, the overall direction of movement was downhill. Things got worse in May following the depegging of what was known as then the UST stablecoin, the collapse of the associated LUNA cryptocurrency and the resulting market crash, with BSV dropping to a low of $45.69 on 12 May.
The following month, the cancellation of withdrawals on the Celsius Network (CEL) crypto-lending platform confirmed a bear market and BSV dropped to $42.87 on 13 June.
In July, there was a glimmer of hope when the coin traded at $67.34 on 29 July and managed to stay above $60 for the first half of the following month, but then there was a decline to $47.43 on 19 September before it recovered somewhat to a high of $53.19 on 26 September.
For the next six weeks or so, it mostly hovered between $45 and $50. In early November, though, the collapse of the FTX (FTT) exchange sent BSV spiralling down to $35.13 on 10 November. Since then, it has recovered somewhat and, on 12 December 2022 it was worth about $45.75.
At that time, there were 19,249,470 BSV in circulation representing the total supply. This gave the coin a market cap of about $880m, making it the 45th largest crypto by that metric.
Bitcoin sv price prediction round-up
With that all out of the way, let’s take a look at some of the bitcoin sv price predictions that were being made as of 12 December 2022. It is important to remember that price forecasts, especially for something as potentially volatile as a cryptocurrency, very often turn out to be wrong. Also, it is worth noting that long-term crypto price predictions are often made using an algorithm, which means that they can change at any time.
First, CoinCodex was somewhat bearish in its short-term bitcoin sv coin price prediction, saying that the crypto could drop slightly to $45.12 by 17 December before recovering to $49.92 on 11 January. The site's technical analysis was neutral, with 16 indicators making bullish signals and 12 indicators sending bearish ones.
Next, DigitalCoinPrice had a BSV price prediction that indicated the coin could reach $49.64 in 2022, $113.96 in 2023 and $151.13 in 2024. By 2025, the site suggested bitcoin sv could be worth $201.22. By 2027, the site predicted there could be a recovery to $237.17, $334.44 the following year while arguing it could close the decade at $469.36. The site then made a bitcoin sv price prediction for 2030 that said it could rise further to $652.66 before reaching an average of $876.84 the following year.
Meanwhile, CoinsKid offered a bitcoin sv crypto price prediction that claimed the coin could close the year at $51.86. By the end of 2023, the site argued that BSV could be worth $108.80, before climbing to $201.14 a year from then. The site then made a bitcoin sv price prediction for 2025 which said it could start the year at $218.76 before soaring to $390.45 by then end of the December.
Finally, WalletInvestor struck an incredibly bearish note in its bitcoin sv crypto price prediction for 2023, saying that the coin could suffer a terrible 12 months or so, falling to under $4.76 by the middle of December next year.
When considering a BSV coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is bitcoin sv a good investment?
It is difficult to tell. The coin’s history has involved a lot of peaks and troughs, making it hard to foretell what might happen next. A lot will, ultimately, depend on how the crypto market behaves in general.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether BSV is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Will bitcoin sv go up or down?
It is hard to say right now. While the likes of DigitalCoinPrice are very optimistic in terms of their forecasts, sites like WalletInvestor are far more bearish. It is important to recognise that price predictions very often turn out to be wrong, and you should remember that prices can go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether bitcoin sv is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in bitcoin sv?
Whether you should invest in BSV is a question is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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