Bitcoin SV Price Prediction as Price Surges Over 10%: Is the Bullish Rally Set to Continue?
Bitcoin SV (BSV) bulls remain in the driving seat, with the cryptocurrency up another 6.5% on Thursday as its extends its gains this week to over 27%.
BSV, a 2018 fork of the Bitcoin blockchain that claimed to be aimed at bringing Bitcoin in line with Bitcoin creator Satoshi Nakamoto’s vision (hence its name Bitcoin Satoshi Vision or Bitcoin SV), was last trading just above $43 per token, just off its highest levels since early July.
The cryptocurrency, which last had a market cap of around $830 million, doesn’t appear to have been boosted by any Bitcoin SV-specific news or catalysts.
Rather, BSV’s rally appears to be a function of gains in the Bitcoin (BTC) market this week on speculation the US Securities and Exchange Commission (SEC) will soon approve a spot Bitcoin Exchange Traded Fund (ETF), opening the door for an accelerated wave of institutional buying in the US.
False rumors did the rounds on Monday that the SEC had just approved Wall Street giant BlackRock’s spot Bitcoin ETF application, sending Bitcoin briefly as high as $30,000.
While that news was fake, it acted as a warning shot for the Bitcoin bears to stay out of the market, given they could quickly get liquidated by a quick ETF-news-related price pump.
It also served as proof that spot ETF application approvals in the US are still not fully priced in.
Bitcoin was last trading with a positive bias to the north of the $28,500 level – in light of the SEC’s decision not to appeal against a recent legal loss they sustained against Grayscale over their rejection of the digital asset manager’s spot Bitcoin ETF application, analysts are more optimistic than ever that the agency is preparing to approve a batch of spot Bitcoin ETFs in 2024.
That optimism could keep a
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