Pump & dump? Bitcoin SV price expanded more than 25% to soar to the top 6 after Craig Wright claimed to receive the full Tulip Trust document

This month, Bitcoin SV price started an uptrend from the support of $ 95 against the US Dollar. BSV gathers momentum above the $ 120 and $ 150 resistance level.

Moreover, it settled above the $ 150 level and the simple moving average SMA 100 (4 hours). After that, there was a consolidation phase above $ 150. Finally, the bulls were able to push the price above $ 160 and $ 170.

More importantly, there was a break up on a large contracting triangle near $ 165 on the 4-hour chart of the BSV / USD pair. It opened doors to make more profits, and the price of Bitcoin SV soared above $ 200.

Bitcoin SV 2

Source: Trading View

A new 2020 high is formed at $ 203, and the price is currently showing signs of expansion. It seems more likely to move higher to the $ 205 resistance level.

The next major resistance level is near the $ 220 level, on which the bulls are likely to target a $ 250 resistance test in the coming days.

Currently, the price of Bitcoin SV is trading up nearly 25% and surpasses BNB, EOS, LTC, up to three rankings in a row to position six on Coinmarketcap.

Bitcoin SV 3

Source: Coinmarketcap

What causes Bitcoin SV price to rise?

The most potential cause is the sudden increase of BSV as well as the whole market
is the rumor circulating that Craig Wright has now received the final part of the Tulip Trust document, which could prove he is the Bitcoin creator?

Wright will report documents to the court hearing the case between himself and the family of his deceased business partner, David Kleiman, next week. The self-proclaimed Satoshi said he has now received a document he promised to submit as part of the trial. Earlier, Wright was accused of stealing the Bitcoin he mined along with Kleiman.

On Friday, Wright was extended to February 3 (about 20 more days) to submit documents. If unable to provide, he will be subject to sanctions. Judge Beth Bloom expressed doubts about Wright’s ability to give the document to the court.

Some Twitter accounts posted photos allegedly evidence of Wright claiming to have received documents from bonded online courier service.

In the screenshots above,  apparently taken from a Slack channel of which Craig Wright is a member. Supporters of Bitcoin SV declare that submission of documents next week is not a problem.

Is this a pump & dump scheme?

Although many investors appear to be buying Bitcoin SV based on the news, not everyone believes that Wright will submit documents to the court next week. Arthur van Pelt noted that this is no different from a ‘fabricated scam,’ a pump & dump plan arranged by the drivers.

In the short term, it is clear that BSV enters into a major uptrend that can last longer.

However, its long-term outlook may be haunted by the fact that the recent vote shows that nearly 60% of market participants believe it is an exit scam.

This vote comes from a recent tweet by Alistair Milne, head of the Altana Digital Currency Fund. He conducted a poll with more than 4,500 participants, with 58.4% thinking that BSV was an exit scam, while only 18.6% believed it was not.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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