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Bitcoin SV (BSV) Closes Above $40 as Price Reaches 100-Day High – Will It Sustain the Rally?

2 mins
Updated by Ryan James
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In Brief

  • Bitcoin SV (BSV) price surged over the past four days, hitting a new 100-day high and breaking above the $40 resistance area.
  • The Relative Strength Index (RSI) in the daily timeframe indicates a bullish trend for BSV, since it is above 50 and increasing.
  • Despite the bullish prediction, a daily close below $40 will invalidate the breakout and could lead to a significant price drop.
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The Bitcoin SV (BSV) price has accelerated during the past 4 days, reaching a new 100-day high yesterday. 

During the increase, BSV also broke out above the $40 horizontal resistance area, which had been in place since July.

Bitcoin SV Clears $40 Resistance Area

The BSV price has increased alongside an ascending support trendline since reaching a low of $15.70 in June.

The trendline has been validated numerous times (green icons), most recently on October 9. 

During the time BSV followed the ascending support trendline, it has traded below the $40 horizontal resistance area. When combined with the support trendline, it creates an ascending triangle, considered a bullish pattern.

It is also worth mentioning that the cryptocurrency will be listed on the Bitrue exchange today.

Bitcoin SV Price Movement
BSV/USDT Daily Chart. Source: TradingView

The altcoin’s price greatly accelerated its rate of increase on October 16, reaching a 100-day high of $43.50 yesterday. The increase also caused a decisive breakout from the $40 horizontal area.

While BSV has yet to reach a daily close above this area, it trades well beyond it.

BSV Price Prediction: Will Price Reach $50?

A closer look at the price action and the Relative Strength Index (RSI) readings supports the ongoing breakout and increase. 

When evaluating market conditions, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold and to decide whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

The RSI is above 50 and increasing, both considered signs of a bullish trend. However, it is also worth mentioning that the indicator is overbought (white icon), a sign that is associated with local tops.

The most likely potential target for the top of the BSV price movement can be found by projecting the triangle’s height (red icon) to the breakout level.

Doing so gives a target of $56, 30% above the current price. Since this coincides with the $56 horizontal resistance area, it will likely act as the top.

Cryptoknight890, a well-known cryptocurrency trader on X, gives a similar target.

Bitcoin SV (BSV) Price Movement
BSV/USDT Daily Chart. Source: TradingView

Despite this bullish BSV price prediction, a daily close below $40 will invalidate the legitimacy of the breakout.

In that case, a 20% drop to the ascending support line at $34 will be likely.

For BeInCrypto’s latest crypto market analysis, click here.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)