Is Bitcoin SV About to Crash? BSV Price Tumbles as New Bitcoin Project Secures $11 Million
In the latest pre-halving development, leading hard-fork project Bitcoin SV has taken a minor localized tumble.
This article will provide an analysis of BSV’s current price trends and look to see whether a newer meme coin, Meme Kombat, represents a more promising investment opportunity at this time.
$BSV has been more profitable to mine for pretty much all of February #Bitcoin pic.twitter.com/qbjLNzuOWm
— ₿art Harley Jarvis (@bartharleyxbt) February 18, 2024
Surging BSV price could be connected with an uptick in Bitcoin SV mining activity, which has seen profitability outperform Bitcoin over the past month, setting the stage for a strong year ahead.
BSV Price Analysis: Is A Major Pump Inbound As Bitcoin SV Price Takes A Little Tumble?
As price action reels from the recent downtick, Bitcoin SV is currently trading at a market price of $78 (representing a 24-hour change of +0.42%).
Retracement comes in the midst of a -11% localized retracement after price action stalled at local resistance around $82.20.
However, this has left price in good form atop the 20DMA (which is sat at $75.95), poising price for upside price action ahead as BSV trades firmly in its bullish pennant pattern.
Meanwhile, in a further bullish sign, the 200DMA remains in ascendance around $52 – limiting downside risk and signalling continued technical strength.
Recent downside moves have played well for BSV’s indicators, with the RSI cooling-off to a neutral 52.50, suggesting price action now has the capacity for a big upside move.
This receives additional confirmation from the MACD, which highlights minor bullish momentum at 0.12 – suggesting price is shifting to the upside.
Overall, BSV price analysis reveals a very positive outlook on the short-time frame with retracement risk reduced by the 20DMA’s support, and all indicators suggesting that price is due for its next leg up.
To the upside, this gives Bitcoin SV a target at $93.15 (a potential +18.98%).
While downside risk could see BSV price tumble further down to $71.47 (a possible -8.71%).
BSV price analysis consequently reveals a risk: reward ratio of 2.18 on the short-time frame, a good entry, characterized by favourable upside potential.
But while BSV price analysis offers an alluring entry, the biggest returns this halving will come from early backers in brand new projects, and a leading contender for best Bitcoin beta play can be found in BTCMTX.
BSV Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $11M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$11,159,199 raised – 22 hours until price increases!
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Just 2 more days until Stage 26 of #BitcoinMinetrix comes to an end! ⏳
Can you explain the concept of orphaned blocks in #Bitcoin mining? pic.twitter.com/OMP7XQ2Jq4
— Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$13M In The Crosshairs: BTCMTX Surges Past $11M – Poised to Outperform BSV Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
The significant growth in the Bitcoin mining sector has been driven by the expansion of Marathon Digital and Riot Platforms’ operations.
Marathon, the world’s largest Bitcoin miner, reported a Q3 2023 average hash rate of 14.2 EH/s, a 500% increase year-over-year, accounting for about 4% of the total network hash. This capacity enabled them to mine approximately 1153 BTC per month, valued at $42.2 million USD.
Riot Platforms achieved a new record hash rate of 10.9 EH/s, mining around 368 BTC per month, worth $13.3 million USD. Riot anticipates growing its operations to 20.2 EH/s by summer 2024.
However, the record-high Bitcoin network hash rate, while enhancing network security and profitability for miners, raises concerns about moving away from Satoshi Nakamoto’s original vision of decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over Bitcoin SV Verdict:
- Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. The initiative introduces the first-ever tokenized Bitcoin cloud mining, featuring an automated system designed for cloud-based Bitcoin mining. This sets a new standard in the industry.
- Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
- Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
- Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
- The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $11m raised towards its $13M goal. At a competitive price of just $0.0134 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the mining landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
