Bitcoin SV (stands for Satoshi’s Vision) has received another boost on Thursday. The cryptocurrency jumped from $190.00 to $220.00 in a matter of three hours after the Financial Times published a story on SegWit and Bitcoin transaction fees and cited Craig Wright on the issue. The development caused massive FOMO and Bitcoin SV buying; however, the speculative agitation seems to be fading away now.
Craig has a issues with coins/protocols that combine multiple Bitcoin transactions into a single transaction which makes it harder to track whose money has been where.
Bitcoin SV attempts to fulfill the original Bitcoin protocol, hence the name Satoshi Vision. Bitcoin SV’s intent is to offer users a cheaper transaction cost and more security and scale if necessary.
Many may not know but, Bitcoin SV was the best performing coin/token in the crypto space in May rising over 200%. So where is price heading next after the recent gains, lets go to the charts to find out?
Despite the run up in May, price failed to breach and close above the all-time high. If the continuation is going to continue, the $180 level must hold.
However, if the $180 is breached, the next level to be mindful of is the $140 level, which is the 61.8% retracement.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.