Price Analysis

Bitcoin Cash price analysis shows better days ahead

Bitcoin Cash (BCH), the sixth largest cryptocurrency, is depicting signs that it will be among the largest gainers in the foreseeable future. Bitcoin Cash price analysis, together with recent developments in the virtual currency sector, shows that it’s time to get hold of a few BCH coins before it’s too late.

Latest developments

Some of the developments that are likely to have a positive impact on the Bitcoin Cash price include the recent news that Switzerland’s largest online store, Galaxus, is now accepting payments in cryptocurrencies. Among the supported coins is Bitcoin Cash.

Additionally, the team behind BCH has indicated plans to roll out the Schnorr Signatures, “a cryptographic tool which allows for any actor in a group to sign, without revealing which actor did. The idea was introduced for a whistle-blower but is now most importantly used for anonymous cryptocurrencies such as Monero – for the anonymity it provides.”

Bitcoin Cash price: From March 08 – 23

At the time of writing, the Bitcoin Cash price stands at 168.40 U.S dollars which shows an 8.49 percent appreciation in the last 24 hours and the market capitalization stands at 2.98 billion U.S dollars.

The coin has a 24-hour trading volume of 508.03 million U.S dollars. The current circulating supply is 17.69 BCH while the maximum supply is 12 million BCH.

Throughout the week, the Bitcoin Cash price has been in appreciation mood. For example, on March 15 BCH closed the day while exchanging hands at $143.99 and the previous week saw BCH start the week at $129.47 on March 8. This is an indication the BCH bulls are finally overpowering the bears.

Now, BCH is seemingly going after the $170 mark which is a major level for the coin to be able to aim for the next level; $230. However, to maintain this momentum, after the Bitcoin Cash price hits $170, BCH will need to maintain high trading volumes.

Is the Bitcoin Cash price ready for the $300 mark?

Bitcoin Cash price
Source: Tradingview

Analyzing the above chart shows that the previous downward trend line and the 200EMA intersect at $300. This suggests that BCH is headed to the $300 mark in the next few days. Specifically, Bitcoin Cash will reach this mark on April 10. However, this will only be possible if Bitcoin, which is currently trading slightly above $4,000, continues with the bullish energy.

Bitcoin Cash price predictions: Prediction websites are both bearish and bullish

After analyzing what the charts have in store for Bitcoin Cash in the foreseeable future, let’s look at what prediction sites are anticipating will happen to the Bitcoin Cash price both in the short and long term.

TradingBeast

TradingBeast uses historical data plus linear and polynomial regressions to try and positions where the coin would be in the current year and up to five years ahead. For the Bitcoin Cash price, TradingBeast predicts that BCH is likely to hit a low of $141.70 and a high of $208.38 at the beginning of next month with $178.81 being the most likely price.

May 2019 will see a drop as BCH will be exchanging hands at an average of $163.11. It will start moving upwards to close 2019 at an average of $457.60. In 2020, 2021, and 2022, TradingBeast predicts the Bitcoin Cash price will reach $3,066.02, $9,917.14, and $22,931.91 respectively.

CryptoGround

Bitcoin Cash price
Source:CryptoGround

This site is not as bullish as TradingBeast. However, they agree on one thing; the Bitcoin Cash price may not see huge gains in the next few months. In April, CryptoGround puts BCH at $158.408. In the next six months, the Bitcoin Cash will be exchanging hands at $254.57 which will be a 53.3 percent increase. In March 2020, Bitcoin Cash will be worth $546.16 and in five years’ time, BCH investors will be quoting $3,224.94 for a single BCH coin.

Bitcoin Cash price: Is it time to get in?

While this should not be construed to form investment advice, technical indicators are showing that it’s time to board the BCH train and put in some real money. For those already in, it shows that you should accumulate and hodl. To buy Bitcoin Cash head over to top exchanges like Coinbase, Binance, Kraken, etc. some of the cryptocurrency exchanges may not support buying BCH with fiat.

Final words

BCH will respond to the above predictions if BTC will be strong enough to fight the bears. Although Bitcoin is hovering around $4,000, experts predict it may hold and gain more ground. This will help propel Bitcoin Cash to higher levels.

The above Bitcoin Cash price analysis shows better days are ahead and its time to get involved.

You may also be interested in:

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

Comments are off this post!