Bitcoin SV Price Prediction: Now Craig Wright Is Not Satoshi Nakamoto, What Next for BSV?
What's next for Bitcoin SV?
Key Takeaways
- Bitcoin SV (BSV) is a spin-off from Bitcoin Cash (BCH), itself a spin-off of Bitcoin (BTC)
- BSV sank to an all-time low in June 2023 but has since recovered.
- The system’s founder, Craig Wright, claimed to be Satoshi Nakamoto, but this claim was denied by a UK court.
- One Bitcoin SV price prediction says the coin can reach $170.80 in 2025.
Bitcoin SV is the crypto that maintains that, by adding certain extra features to Bitcoin’s (BTC) blockchain, it is carrying out what the founder of the original blockchain-based currency wanted to do. At a time when the world of crypto was rocked by the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase exchanges, BSV dropped to an all-time low before making something of a recovery.
In March 2024, a British court ruled that BSV founder Craig Wright was not Bitcoin founder Satoshi Nakamoto.
In the autumn of 2023, Christen Ager-Hanssen resigned as CEO of nChain. He said he quit the organization, which is designed to help run Bitcoin SV, due to concerns about Wright.
On March 15, 2024, BSV was worth about $90.
But what is Bitcoin SV (BSV)? How does Bitcoin SV work? Let’s see what we can find out and also take a look at some of the Bitcoin SV price predictions that were being made on March 15, 2024.
Bitcoin SV Coin Price Prediction
Let’s examine some of the Bitcoin SV price predictions being made on March 15, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $195.02 | $228.08 | $675.94 |
| Prediction #2 | $152.53 | $221.60 | $1,435 |
| Prediction #3 | $65.53 | $132.25 | $0 |
First, CoinCodex made a Bitcoin SV price prediction that said that BSV would reach $106.02 by March 20 before climbing to $121.90 by April 14. The site’s technical analysis was neutral, with 20 indicators sending bullish signals and 10 making bearish ones.
Bitcoin SV Price Prediction for 2024
DigitalCoinPrice said Bitcoin SV would perform well this year, reaching an average of $195.02. PricePrediction.net , meanwhile, said that it would be worth $152.53 in 2024, while CaptainAltCoin was very pessimistic, suggesting that it would crash to $65.53 in December.
Bitcoin SV Price Prediction for 2025
CaptainAltCoin expressed concern for the coin’s future. It said BSV might stand at $132.25 in 2025, but that it also might collapse into being worthless. DigitalCoinPrice, on the other hand, thought BSV could be worth $228.08 then. PricePrediction.net said it would trade at $221.60 next year.
Bitcoin SV Price Prediction for 2030
PricePrediction.net said BSV could get to $1,435 by 2030. DigitalCoinPrice was also bullish in its Bitcoin SV crypto price prediction for the start of the next decade. It said the coin would reach $675.94.
CaptainAltCoin, though, was not keen on the crypto’s chances. It wrote that it could be “close to zero” at the start of the next decade, adding: “The project offers no unique value to set itself apart from countless competitors, hence we don’t think it is worth investing in this coin for the long term.”
Google BardAI Price Prediction for Bitcoin SV (as of March 15)
Google’s BardAI platform gave the following price prediction for Bitcoin SV on March 15. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate. For instance, it does not seem to realise Craig Wright’s court hearing is over.
Short-term (Next Week):
- Possible range: $101.77 – $119.16
- Reason: Recent positive momentum in the crypto market, with Bitcoin potentially breaking above $50,000 due to ETF approval expectations, could bring some buying pressure to BSV as well.
Medium-term (Next 6 Months):
- Possible range: $70 – $170.80
- Reasons: Volatility is likely due to ongoing legal battles surrounding Craig Wright and his claim to be Satoshi Nakamoto. Positive developments in the case or wider crypto market adoption could push prices higher. Conversely, negative legal decisions or a general crypto market downturn could cause a decline.
Long-term (Next 5+ Years):
- Possible range: Highly uncertain, potentially between current price and $876.84
- Reasons: Long-term predictions are inherently difficult. BSV’s future depends on its ability to gain mainstream adoption as a usable currency or store of value. Success in these areas could lead to significant price increases. However, technical limitations or continued controversy surrounding Craig Wright could hinder its growth.
It added: “These are just predictions, and the actual price of BSV could be much higher or lower. The cryptocurrency market is inherently volatile, and there are many factors that can affect the price of BSV. Do your own research before making any investment decisions.”
Recent Updates from Bitcoin SV
In 2024, Craig Wright appeared at a court in London after the Crypto Open Patent Alliance (COPA) sued him with the aim of making him prove his claims of being Bitcoin founder Satoshi Nakamoto.
Jonathan Hough KC, COPA’s barrister, told the court that Wright’s claims were a “brazen lie” which “strayed into farce” and said that the Australian had committed “forgery on an industrial scale”.
The judge, James Mellor, appeared to agree with Hough. He ruled Wright neither founded Bitcoin nor wrote its whitepaper. He said: “Dr Wright is not the author of the Bitcoin White Paper. Second, Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011. Third, Dr Wright is not the person who created the Bitcoin System. And, fourth, he is not the author of the initial versions of the Bitcoin software.”
In September 2023, nChain CEO Christen Ager-Hanssen left nChain, making allegations about both the company and Craig Wright. In a statement, the company said : “The Board has received a document from Mr Ager-Hanssen highlighting his purported concerns. The Board takes its regulatory responsibilities extremely seriously and, while it does not concur with any of the assertions made by Mr. Ager-Hanssen, it nonetheless determined to authorize an independent external review of the document’s contents, which is now underway. The company will not be commenting further until this review is completed.”
BSV Price History
Let’s now cast our eyes over some of the Bitcoin SV price history . Although past performance should never be considered to be an indicator of future results, knowing what BSV has done in the past can give us some very useful context if we want to either make or interpret a Bitcoin SV price prediction.
Bitcoin SV first came onto the market in November 2018, it was worth about $200, but it soon dipped, sinking to an all-time low of $36.87 before it recovered to spend much of the next two years or so experiencing peaks and troughs, reaching peaks of above $300 in 2020.
Things kicked off in 2021, when the market flourished and BSV shot to an all-time high of $491.64 on April 16. After that, though, there was a slump and Bitcoin SV closed the year at $121.18.
2022 was a far tougher year for BSV, with a series of market crashes rocking the coin. Following the collapse of the FTX exchange, it fell to $35.13 on November 10. It recovered slightly to close the year at $41.30, representing an annual loss of nearly 66%.
Bitcoin SV in 2023 and 2024
2023 looked pretty mediocre for BSV until a late-year spike saw it shoot up. The token had already sunk to new depths before the market crash following Crypto.com’s announcement that it was to shut its US institutional trading operations saw it reach a new all-time low of $23.30 on 10 June. After that, there was something of a recovery and, on October 23, it peaked at $58.25. It slipped down only to rally at the end of the year, closing 2023 at $95.68. This represented year-on-year gains of more than 130%.
The upturn was not over, though, and it peaked at $111.16 on January 1. By February 6, though, Bitcoin SV was worth about $73. Bitcoin reaching a string of all-time highs boosted the price, with BSV trading at $116.65 on March 14. However, the court’s ruling on Wright led to a drop and, on March 15 2024, Bitcoin SV was worth about $90.
At that time, there were 19.6 million BSV in circulation, representing the total supply. This gave it a market cap of $1.7 billion, making it the 62nd-largest crypto by that metric.
Bitcoin SV Price Analysis
BSV experienced a decline from May 2021 until June 2022. It broke free from a downward trend the following month but then dipped to a support level of around $20.
As it found its bottom, a new bull phase began. At first, we saw a retest of its descending resistance, followed by a first higher low of $30 in September. A breakout took place, with the price of BSV reaching a high of $128 on March 2, marking an increase of over 500%.
From its June low, BSV moved up in a five-wave manner. This could mean that the first uptrend in a larger bull cycle is over. Because we saw a 35% decline since the start of March, its first bull market correction is probability on the way.
We would expect a larger retracement potentially bringing the price back to $45, which would be the first macro higher low. After this retracement BSV could embark on a journey to new highs in a sustainable manner, and reach $400.
Is Bitcoin SV a Good Investment?
It is hard to say. Keep in mind that the coin is still recovering from an all-time low. There are two theories when it comes to dealing with cryptos in a similar position.
On the one hand, there is the argument that you should buy during the dip, because the coin could make a comeback. On the other hand, it could be argued that it fell to a record low for a reason and that making a return to form will not be easy.
Either way, you will have to make sure you do your research.
Will Bitcoin SV go up or down?
No one knows for sure right now. While some BSV price predictions, such as those from DigitalCoinPrice and PricePrediction.net, are upbeat, the likes of CaptainAltCoin forecast doom for Bitcoin SV. Keep in mind, though, that price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up.
Should I invest in Bitcoin SV?
Before you decide whether or not to invest in Bitcoin SV, you will have to do your research, not only on BSV but also on other, similar, cryptos, such as Bitcoin itself and Bitcoin Cash (BCH). Ultimately, though, you will have to make this decision yourself. If you do decide to put your money into BSV, remember that you must never invest more money than you can afford to lose.
From the Whitepaper
Bitcoin SV is a spin-off of Bitcoin Cash, which is, itself, a spin-off of Bitcoin. BSV does not have its whitepaper. However, Bitcoin’s whitepaper says: “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
“Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.”
Who is the Founder of Bitcoin SV?
Australian software developer and computer science lecturer Craig Wright founded Bitcoin SV in 2018. Wright claims to be Bitcoin founder Satoshi Nakamoto, although this claim was nixed by a British court.
Who Holds the Most Bitcoin SV (BSV)?
As of March 15, 2024, the top BSV holder held more than 7% of the coin’s total supply.
Richest BSV Wallet Addresses
On March 15, 2024, the five top Bitcoin SV holders were
- qqqm3t9l8ruqx4ttmjskefddhf4sgew54yvl8cdjva, which held 1,455,215 BSV, or 7.45% of the total supply.
- qz334zwdv4hd90rjrys6t7gkpfrgvn59auw9hlafjd, which held 346,736 BSV, or 1.77% of the total supply.
- qpcvl7ggu33he6m7sjvunfdjg9evsfdp3qucwl2g5m, which held 150,000 BSV, or 0.77% of the total supply.
- qrc02f98hcgqhdweq469rrlul3thrdsr6uu0jgh9p3, which held 147,603 BSV, or 0.76% of the total supply.
- qqwzfkjnhljmxgr09y0jd3p7q2uu97cvgvv4xykhkw, which held 135,000 BSV, or 0.69% of the total supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 19,661,081 |
| Circulating supply (as of March 15, 2024) | 19,661,081 (100% of total supply) |
| Holder distribution | Top 10 holders own 14.57% of the supply, as of March 15, 2024. |
Bitcoin SV (BSV) Explained
In 2017, some of the developers behind Bitcoin split from the blockchain to form Bitcoin Cash (BCH), citing the old blockchain’s slowness and wanting to compete with other payment platforms. By 2018, however, some of the people behind Bitcoin Cash wanted their new blockchain to feature smart contracts, computer programs that automatically execute once certain conditions are met to help speed matters up.
A vote was taken, and the pro-Smart Contract tendency formed its own, new, blockchain, called Bitcoin SV, short for Satoshi’s Vision. In case you were wondering, it was named after Satoshi Nakamoto, the pseudonymous founder of Bitcoin.
The BSV coin supports the Bitcoin SV blockchain.
How Bitcoin SV Works
Bitcoin SV works much like Bitcoin Cash and Bitcoin. A Proof-of-Work (PoW) consensus mechanism means that people solve ever more complex mathematical problems to add blocks to the blockchain and gain rewards, paid in BSV.
People can buy, sell, and trade BSV on exchanges.
Bitcoin SV Attention Tracker
Here is a chart for the Bitcoin SV Google search volume for the past 90 days. This represents how many times the term “Bitcoin SV” has been Googled over the previous 90 days.
FAQs
Will Bitcoin SV reach $1,000?
It could do but, if it does, it may not get there for some time. PricePrediction.net says it will hit four figures in 2030 and DigitalCoinPrice thinks Bitcoin SV will get there in 2032. Keep in mind that BSV’s all-time high, which it reached in April 2021, is worth less than half of that, coming in at $491.64.
What is Bitcoin SV used for?
BSV is used to reward miners on the Bitcoin SV blockchain, and it can be bought, sold, and traded on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
