Cryptocurrencies often aim to be decentralized, however, Bitcoin SV’s creator, Craig Wright, doesn’t seem to care about it. Or at least it doesn’t apply in this particular case since Wright warned people using BSV for illegal activities.
Additionally, Wright has also informed of the legal consequences that BTC and other copies of the Bitcoin blockchain in his recent blog. He stated:
“Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or CoreCoin and BCH or BCash, are hereby put on notice. Please trust me when I say that I’m far nicer before the lawyers get involved.”
Regardless of the lawsuits, the price of BSV has been on a collapse since $301 to its current standing at $283, a 6% drop in 14 hours. More is yet to be unleashed by the bears as indicated by technical analysis.
- BSV’s creator threatens BTC, BCH, and other Bitcoin copies with legal action.
- The price of BSV declined by 6% in the last 15 hours and more decline seems to be underway.
60 Minute BSV Chart Source: Trading View.
From the looks of the chart, the price is in a bearish pennant; the break out of which will be to the downside. At press time, $283 seems to be failing and the collapse under the lower trendline of the pennant is already happening. This will take the so-called ‘original Bitcoin’ to $278 ie. a 2% drop. However, the drop seems to be the beginning of BSV’s problem.
As seen in the chart, the Wave Trend indicator shows that BSV has only begun its downtrend. As it has freshly dipped below the neutral zone and into the bearish zone. The indicator also showed a potential free fall to the lower band of the wave trend aka oversold zone. The price, when the indicator reaches the oversold zone, is estimated to drop by 7% from its current price of $283, hence reach $263.
BSV’s recent surge during the altseason had put it extremely close to its new ATH at $458, however, the downtrend tells a story of failure to reconquer its new ATH. The decline after hitting a local top seems to be like every other altcoin’s trajectory.