Controversial Bitcoin Cash hard fork – Bitcoin SV (BSV) – has been caught within a massive uptrend over the past several days, which has allowed its price to go on a parabolic rally that is leading it up towards its all-time highs.
This rally, however, has drawn the ire of some analysts and prominent community members, and recent polling suggests that the majority of market participants believe that BSV is an “exit scam,” designed as a so-called get rich quick scheme for its founders.
Although there’s no telling as to whether or not this sentiment is accurate, the cryptocurrency’s bulls don’t seem to care, as the crypto is now approaching the key psychological price level of $200, and a break above this price could lead it to rally far past its previously established all-time highs.
Bitcoin SV Rallies as Bulls Continue Building Strength
At the time of writing, Bitcoin SV is trading up nearly 20 percent at its current price of $192, which marks a notable climb from its daily lows of $160 that was set prior to this evening’s massive vertical climb.
BSV similarly incurred another massive surge last week, when its bulls rallied it from lows of $117 to highs of nearly $175, which is where it met some resistance that subsequently caused it to enter a bout of consolidation that preceded tonight’s massive rally.
The backdrop of this bullishness is improving conditions in the aggregated crypto markets, as many major altcoins have been able to catch some upwards momentum over the past couple of weeks, which primarily stems from Bitcoin’s ongoing mid-term uptrend.
Will Community Sentiment Hamper BSV’s Long-Term Prospects?
In the short-term, it is clear that BSV is caught within a massive uptrend that may extend significantly further.
Its long-term prospects, however, may be haunted by the fact that recent polling suggests that nearly 60 percent of market participants believe it is an “exit scam in progress.”
This polling came from a recent tweet from Alistair Milne – a popular figure within the cryptocurrency community who heads the Altana Digital Currency Fund – who conducted a poll with over 4,500 participants, with a whopping 58.4 percent claiming to believe that BSV is an exit scam, while a mere 18.6 percent believe that it is not an exit scam.
Is a $BSV exit scam in progress?
— Alistair Milne (@alistairmilne) January 11, 2020
The results of this poll certainly elucidate Bitcoin SV’s image problem, but it remains unclear as to whether or not this will be enough to hamper its long-term prospects.
Posted In: Altcoins, Analysis