On Tuesday, the value of Bitcoin Satoshi Vision (BSV) collapsed. That’s resulted from the low buying and selling volumes despite the major upgrade of its parent blockchain.

In 2019, BSV disappointed the investors as its price declined from $87.317 to $99.378. However, analysts believe that the crypto asset can either have a short-term or long-term investment potential in 2020.

At the time of writing, the price of BSV is $271.02. Analysts noted that the price of BSV could reach $563.56 in a matter of six months and even hit the $908.62 level by January 1^st, 2020. That is due to more regulations in the crypto industry and interests of large institutional interests.

Meanwhile, the crypto asset eliminated its block size limits known as “Genesis Hard Fork,” which is a hurdle responsible for keeping the blockchains from entering the full-fledged scalability.

Former nChain CEO Jimmy Nguyen announced that the aforementioned upgrade was successful following the mining block 620539 of Bitcoin SV.

The entire BSV community celebrated the announcement. However, there was no demand increase for the crypto asset. So, the value of BSV collapsed to 6.08% on February 4^th to $265.40. So, it’s no surprise why the community showed no reaction despite the successful hard fork.

BSV’s Overbought Status

Due to overbought status, the price of Bitcoin SV failed to rise following the hard form.

As you probably remember, BSV was recorded with a tremendous price rally earlier this year. In fact, it surged to as a high of 144% in just a matter of 24 hours. Then, Craig Wright noted that he knew who are the responsible people behind the pumping of the BSV market.

According to Craig Wright, there are only a handful of players who are controlling the trading of BSV, which will lead to potential price manipulation. During that time, the exchange rate of the BSV/USD pair was already falling.

As to some crypto analysts, Genesis hard fork is caused by a chain split, which suggests that a number of miners continuously mining blocks using the old chain.

BSV Recent Trading Performance

Hours before the time of writing, the BSV/USD pair was down by over 41% AT $270.86 from its 2020 top.

Based on the Relative Strength Indicator (RSI) of BSV/USD pair along with lackluster volumes, there is upside exhaustion. Meaning, the cryptocurrency will continue its value plunge this February 2020 coupled with fundamentals aside advantages.

Although Bitcoin SV tends to be vulnerable to price manipulation, the crypto asset still displays bullish sentiments. Not only that, the traders are expected to find some fresh accumulation areas despite the lower heads. The BSV community still have the hopes that the crypto asset can survive this year’s ever-changing market.

In addition, the bulls are expected to double their effort in protecting the current levels of BSV and aim for another price surge in the next days. If not, analysts fear that 2020 might deliver investors some disappointments.