Bitcoin Cash Price Prediction
Bitcoin Cash is part of the list of the most popular Bitcoin blockchain forks of the original network. This cryptocurrency arose out of disapproval regarding how Bitcoin was turned from Satoshi Nakamoto’s route to digital cash.
At its launch, the coin was trading at $ 250, and the next day, the price increased to $ 651 per coin. In the middle of the month, Bitcoin Cash was around $ 900.
In this guide, we provide an expert Bitcoin Cash price prediction for 2021 and 2022. We’ll then provide a long term Bitcoin Cash forecast, looking from 2025 all the way to 2030.
Bitcoin Cash Prediction 2021
You may wonder what the future will hold for Bitcoin Cash and what will its performance be like in 2021? An indicator to obtain clues regarding its evolution is the CoinGecko listing. Currently, Bitcoin Cash occupies the 12th position. Will the recent development and changes in the blockchain be a potentiating element for the price of BCH? Next, we will analyze the charts in this BCH Price Prediction article to deepen our answer to them.
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In the graph, we see a symmetric triangle pattern. According to what is evidenced in this indicator, we denote a consolidation period that could be the catalyst for a price break. On the other hand, a gap in the lower trend line symbolizes the advent of a downward trend, while separation from the upper trend line sets up a new uptrend.
Based on what is observed at the top, Bitcoin Cash reoriented its bearish position to maneuver into a bullish cycle at the beginning of the month. This behavior becomes a hypothesis to consider, the high volume of trade evidenced in this period.
The Relative Strength Index (RSI) is at 46.79. So what does this indicator mean? In short, we deduce that Bitcoin Cash BCH has opted for a conservative stance and is holding on a neutral trend.
With the above in mind, traders interested in the cryptocurrency market can expect an average trading experience without being subjected to a significant price reversal. However, it is recommended to exercise caution and deviate from any extreme market position to avoid unforeseen losses. Why should we take this into account? Mainly due to the sudden volatility of the cryptocurrency market.
In another respect, let us follow the signs that show us the Simple Moving Average (SMA) and the exponential moving average (EMA).
In the first months of 2021, the Bitcoin Cash has suffered from a trend that shows us a predominance of bullish movements that have been higher than the previous one. But, on the other hand, these have been preceded by signs such as consolidations, fluctuations, and corrections instantaneously.
With the explosion of the crisis caused by the Coronavirus pandemic and the consequent global economic recession that persists in the European continent, cryptocurrencies have acquired a role as haven assets. Despite this, Bitcoin Cash has not been able to take advantage of this situation sufficiently.
Despite its good kick in January, the BCH has reversed lower and lost many actions. With the optimistic market sentiment for cryptocurrencies, the development of Bitcoin Cash seems to be going in the opposite direction.
Bitcoin Cash transactions are usually much cheaper compared to Bitcoin. Why do we ensure this? It has its explanation in its greater scalability. It makes small transactions more affordable, being the fundamental reason for the schism between Bitcoin and Bitcoin Cash in 2017. In another sense, BCH is focused on increasing the block size to allow faster transactions parallel with a reduction in the rates. The effect of such competition has been counterproductive for Bitcoin Cash. However, gradual adoption of the cryptocurrency by big institutions, such as Paypal, would translate into a rise in its price. Another positive result will be its incorporation into the trend driven by the rest of the crypto market.
With these reasons in mind, Bitcoin Cash offers investors a market with very competitive characteristics in 2021.
Bitcoin Cash Price History – the Story of 2021 So Far
At the beginning of 2021, Bitcoin Cash persisted in a quote around the $ 340.56 range. In a bullish development, the price rallied and began to rise to the top of $ 595.02 around January 10. However, amid the market crash suffered during the trading session on May 19, the price of Bitcoin Cash fell substantially from $ 1093.36 to $ 706.80.
The cash price of Bitcoin USD entered a highly volatile outlook after this event, which fell further and reached $ 596.84 as a June hit. Therefore, any positive impact on Bitcoin will increase the price of Bitcoin Cash and, of course, in the opposite direction.
Some positive signals on Bitcoin could set the momentum for BCH to jump-start in the coming months. Signs like the authorization of SkyBridge Capital’s 7.5 billion hedge fund on the coin and the adoption of BTC as a legal currency in El Salvador are clear examples. The price may turn to an uptrend if expectations are met, with slight setbacks, and touch the $ 1,418.17 level later this year.
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Many criticisms are sustained because the Bitcoin Cash network does not have a well-defined governance protocol that could bring the entire system into play. In today’s highly competitive currency market, this is seen as a critical setback for Bitcoin Cash to grow even further. Furthermore, if the network does not establish a defined protocol, the price would be subject to turning bearish, and investors would distance themselves from the platform. For these reasons, the price can even reach lows of $ 655,440.
In a scenario without any development that favors the evolution of Bitcoin Cash, the currency could constantly fluctuate and reach $ 1000 on average by the end of the year.
Bitcoin Cash Price Forecast 2021
Bitcoin Cash trades around a bearish track at $ 497 on a break from the $ 714 support level in the monthly time frame. At the moment, this level is assuming a role as resistance for the BCH/USD currency.
Excluding this, the chances of the selling trend continuing are still relatively high. Therefore, the double bottom pattern is feasible in the monthly time frame to provide support at the $ 70 level once the $ 398 support level is violated.
On the upside, resistance continues to be supported at the $ 700 and $ 1070 levels, extending 23.6% at the Fibonacci retracement levels. A bullish breakout of the $ 1065 level may be the catalyst for further buying until the $ 1,695 and $ 2160 levels extend 38.2% and 50% from the Fibonacci retracement levels.
On the monthly chart, BCH/USD has been trading bearish at the $ 499 level. Despite this, leading indicators such as MACD and RSI have started entering the buy zone. Meanwhile, the chances of an upward correction in the coming months remain latent. On the other hand, the BCH/USD coin is trying to close the hammer pattern. If it happens, this will cause a strong uptrend in the BCH/USD currency.
In a lower time frame, BCH has visualized a head and shoulders pattern. The head and shoulders pattern is equivalent to a specific chart formation that predicts a reversal from bullish to a bearish trend. Likewise, the pattern is one of the most reliable trend reversal patterns.
In short to a medium-term scenario in this BCH price forecast, the BCH must break above the resistance level at $ 986. For this to consolidate, it has to establish more support at the Fibonacci level at $ 718. From otherwise, BCH may not reach the bullish price of $ 986.65.
Meanwhile, the long-term forecast is optimistic. It has a high chance of exceeding its current highest price (ATH) of $ 4,355 this year. However, this variable will only happen if it overcomes a series of psychological resistances.
Bitcoin Cash Price Prediction Long Term Outlook
Despite the promising horizon for Bitcoin Cash and its expectations of being bigger relative to Bitcoin, there is still a long process to follow. However, the market can be an essential ally for this cryptocurrency if the platform advances in its intentions to increase the size of the block or to test with smaller blocks to motivate a better transaction speed.
The price would range from $ 900 to $ 1000 with additional developments combined in a long-term perspective.
By highlighting that the transaction cost of Bitcoin cash remains below more minor than a penny, for a significant number of investors, this can mean a profit and a signal to locate on the network. In this way, the average figures for the year 2023 can reach a level of $ 1,187,493.
In another perspective, a setback for Bitcoin Cash will be any good performance of Bitcoin. News such as the recent adoption of BTC in El Salvador as legal money or SkyBridge Capital’s $ 7.5 billion hedge fund permit could also boost BCH dynamics in the months to come.
If these projections take effect, the price may mutate into a new trend with a slight pullback. On the other hand, the price is projected to cross the $ 1,400 mark by the end of 2024 without significant hurdles.
Recently, community developers started working hard to pull off the coin-operated socks. In a joint effort of the Anyhedge teams, Electron Cash, among others, is working to pursue better reliability and usability of the network. The resources also indicate that future initiatives such as smart contracts and decentralized exchanges have the option of payment widgets and financial derivatives. The future industry would be able to turn to the coin that will hover at a price of up to $ 2,500 in 2025 if the network can do the same.
Bitcoin Price Chart
Based on its performance recorded on the weekly chart, Bitcoin Cash is sticking with its goal of crossing the 50-period moving average at a level of $ 499. Therefore, there is a good chance that the closing of weekly candles above the 50 MA level will trigger trends favoring further buying in the BCH coin.
On the higher side, a short-term target is referenced at the $ 715 and $ 1065 levels. A bullish breakout of these levels can lead to a price of Bitcoin Cash at levels of $ 1678 and $ 2174.
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Where to Invest in Bitcoin Cash?
There are several crypto brokers and crypto trading platforms that offer cryptocurrency trading and investment options. However, we always recommend that users invest with eToro. With eToro, users can rest assured that their investments are in the hands of the best broker in the market right now. There are several reasons for this.
The foremost reason why we recommend eToro is convenience. For convenience, eToro offers a mobile app on both iOS and Android, as well as a website for PCs and macs. This makes it easy to access eToro’s services anywhere and at any time.
With eToro, you also never fall short of options. Not only can you invest in Bitcoin Cash on eToro, but you can also invest in several other crypto assets, stocks, commodities, ETFs, fiat currencies, and indices. Most other brokers do not offer such a plethora of options for investors and this makes eToro easily stand out from the rest of the pack.
How to Buy Bitcoin Cash on eToro?
To buy Bitcoin Cash on eToro, our most trusted brokerage service provider, follow the steps below:
Open an eToro account: eToro is the best destination for potential investors looking to buy bitcoin as you only need to cover the spread. You can visit the eToro website or access its services via the mobile app to create an account.
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Upload ID: eToro has a KYC process that you must complete. This is to protect the integrity of the eToro platform and prevent scams. You can easily complete the KYC process by uploading a copy of any valid government-issued ID that you own.
Deposit: After verifying your identity, you can now make a deposit into your eToro account. Register your debit or credit card on eToro’s secure payment portal, or connect your PayPal account to deposit your funds quickly.
In terms of deposit methods, eToro accepts the following options:
- Credit card
- Debit card
- Bank transfer
Buy Bitcoin Cash: Lastly, search for bitcoin within the eToro website or mobile app interface and type in your preferred amount. You can either type in the number of coins you want to buy or the amount you want in dollars. Then confirm your order to buy bitcoin cash!
The horizon for Bitcoin Cash is hopeful because the original concept behind its creation was to become the next iteration of Bitcoin from its downsides as a currency. However, the way that Bitcoin has evolved has made it more popular than money as an asset. In a context with cryptocurrencies moving to prominence as more functional currencies, Bitcoin Cash has the track record of Bitcoin and may become its successor once it forks.
With a model of continuous developments within the Bitcoin Cash ecosystem and in the cryptocurrency market, we can see that BCH reaches more ambitious levels. Considering a 2021 BCH projection of $ 986 that can even go as high as $ 4,355 if investors continue to side with BCH this year alongside major cryptocurrencies like Bitcoin and Ethereum, the Bitcoin Cash price forecast is very promising.
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