Bitcoin Cash and Bitcoin SV, which are the two biggest hard forks of leading crypto Bitcoin are set to undergo a huge decrease in the rate at which their token would be issued. With the two events set to happen, arguments have been flying around if a retracement is imminent as a result of their technical patterns estimate.
Bitcoin Cash and Bitcoin SV: Halving Events
By market capitalization, BCH and BSV are the biggest hard fork of Bitcoin. They are set to go through a process that would affect the rate at which miners get rewards for mining on the blockchain network. The process is known as halving. This process increases the inflation rate as a result of the decrease in the supply of digital assets. In a few hours, miners that earn 12.5 BCH for mining a block will now receive 6.25 per block while BSV miners would start to experience a reduction too sometimes tomorrow. Their implications of the events on their price would be uncertain since its the first time they are going through this process. Nevertheless, previous Bitcoin halving events have shown that it is the action needed if the coins are going to make a surge in price in the coming weeks.
Taking a look at the halving of 2012, the leading cryptocurrency rose as high as a staggering 97% when it recorded a $1,200 increase after a year. In the same vein, the crypto went down as low as 30% when it was halved a second time in 2016. Around 2017, the flagship digital crypto went as high as $20,000. So the questions on everyone’s lips now is if the Bitcoin hard fork would follow suit in a surge in price or a decrease in price.
From a technical perspective, the long term future of both BCH and BSV are unknown but multiple patterns will show if the coins might increase or fall below their price drastically. According to experts, a bearish outlook is seemingly possible at the moment because of the volatility in the digital market currently. And if it goes this way, the cryptos could go as low as they did in 2018 with a $100 barrier support predicted.
According to LunarCRUSH, both BCH and BSV social engagements have exploded in the past few hours. The firm takes a look into all interactions about the assets. Currently, LunarCRUSH ranks BSV first in its “Altcoin” ranking with BCH coming closely in third place.