Bitcoin SV (BSV) is the brainchild of Craig Wright, who many in the crypto space seem to have a grudge against. However, despite Wright’s antics, BSV still manages to be one of the top performers in the market, week after week – much to the dismay of crypto traders. In the past seven days, BSV has once again been the standout performer managing to shake off the huge dip that the wider crypto markets saw.
Kleiman Case Showing Little Impact
The estate of David Kleiman has been looking to sue Craig Wright for ₿500,000 for some time now, but the case went from bad to worse for Wright. After submitting false documents, Judge Beth Bloom refused to throw the case out, then a handful of days later the court ruled in favor of Ira Kleiman – forcing Wright to pay up ₿500,000 and hand over 50% of the IP for Bitcoin before David Kleiman’s death.
Interestingly, this news has had little to no effect on the price of BSV or Bitcoin for that matter. Bitcoin remained steady on the news that Ira Kleiman could very well dump ₿500,000 on open markets, causing the price to crash. However, it looks as if Wright doesn’t actually have the Bitcoin as he isn’t really Satoshi Nakamoto, meaning this court case was nothing more than a waste of time. This likely explains the lack of power the judgement had over the price of Bitcoin and BSV.
A Correction Inbound
BSV had a mega rally back in June, climbing all the way to $255.72, but it looks like the momentum is starting to taper off. We’ve already seen a significant correction hit BSV, taking it all the way down to $109.30 at one point. It quickly picked up off the support of $107, but it’s slowly making its way back down.
If BSV can’t hold the support of $107 and rebound back to $190, then we could see it slide all the way back down to $92,93 – the 78.6% Fibonacci retracement of the latest rally. If that support fails to hold, BSV will likely fall to the 100% Fibonacci retracement level of $48.64. This would be a huge shock for the BSV community, as it has been a top performing cryptocurrency for months.
BSV might have hit it out of the park over the past seven days, but the next month could be a huge test for the cryptocurrency. If it slides back down to the 100% Fibonacci retracement level, then we could see BSV’s critics hit out once more, enforcing further losses for the cryptocurrency. BSV is betting big on its China adoption, and if Lise Li managed to help drive more traffic to the BSV network, we could see the price stabilize and head back up.