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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin SV Spiked 17% Today: But There’s a Key Reason It’s Not Sustainable

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin sv

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Bitcoin SV, a somewhat controversial hard fork of Bitcoin Cash, has suddenly spiked by as much as 17% intraday following legal developments in the Craig Wright legal battle with the late David Kleiman.

However, there is one important lingering factor that could cause this rally to run out of steam and eventually lead to a lot more downside in the future.

Bitcoin SV Explodes With 17% Gains, Following Legal Update

Avid Bitcoin SV supporter and the face of the cryptocurrency, Craig Wright has long been embroiled in a legal battle with the estate of his former business partner David Kleiman. The legal turmoil has been closely followed by the cryptocurrency community at large as well as Bitcoin SV supporters.

Wright is being sued by Kleiman’s brother Ira for his brother’s portion of the 1.1 million BTC mined by Satoshi Nakamoto – the mysterious founder of the original Bitcoin that Wright claims to be.

Wright claimed in a document called “Tulip Trust” that the keys to the Bitcoin were inaccessible, dragging out the legal battle. Wright has since produced another document, Tulip Trust II, and just yesterday according to new court filings, a third Tulip Trust has emerged with additional information.

New: Craig Wright just so happened to have a third "Tulip Trust" set up to hold that missing $10 billion fund.

He sent the info about the "Tulip Trust III" in a document dump of 428 dossiers.

Can someone involves in this mess pls send me $1 million to keep going? pic.twitter.com/zAcI9Wohn9

— Brendan Jay Sullivan 🫧 (@MrBrendanJay) January 9, 2020

It’s not clear as to why the emergence of a new document would get Bitcoin SV investors bullish, however, the news circulating has led to a 17% spike in the Bitcoin Cash fork.

While there’s no denying the timing is coincidental, crypto assets like Bitcoin SV have been in a bear market for the better portion of two years and are at extremely oversold conditions. The gains could very well be a clear break of resistance causing a cascade of stop losses, further driving up the price. Still, news like what has emerged related to the case can often be a catalyst for large price movements.

BSV: What Goes Up Must Come Down

Despite Bitcoin SV growing by over 17%, the gains are unlikely sustainable. Any time an asset goes parabolic and rallies with such significant numbers, a deep retracement almost always follows as exuberance dies down and investors come back down to reality.

In addition, Bitcoin SV mining has failed to be a lucrative process for miners, and with the asset’s halving coming before Bitcoin’s – which will cut BSV’s new issuance from a combined $600,000 to just $300,000 – miners are expected to operate at a further loss.

https://twitter.com/ceterispar1bus/status/1215088339428069376

Miners must sell their crypto assets when the process becomes more costly than beneficial in order to make up for lost revenues. If miners begin to take extreme losses due to the halving, a deep selloff could occur and put the asset’s longevity in danger.

The best hope for Bitcoin SV is that this rally continues and the price of the asset grows enough to where mining becomes a more lucrative and sustainable venture.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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