Bitcoin Cash Price Prediction: BCH Crypto Ready To Break Away?
A hard fork in the blockchain of the original Bitcoin led to the creation of Bitcoin Cash in 2017. Compared to Bitcoin, it has larger blocks, enabling faster and cheaper transactions. While Bitcoin has a block size of 1MB, Bitcoin CASH has a block size of 32MB.
Faster confirmation times are achieved by processing more transactions thanks to the larger blockchain size. It helps BCH to be adopted by a number of companies. Although Bitcoin Cash has a poor ROI right now, things may change in the future. With a blockchain size of 187,842,367 kb and an inflation rate of $150,000,000,000 based on daily BCH mining, Bitcoin Cash is the largest cryptocurrency.
92% of the supply, which is the same as Bitcoin, is in active circulation. BCH is up over 65% from its all-time low and down 97% since its high. The average transaction value of BCH is $440,000, and this value has decreased in recent weeks.
With a market cap of $2.4 billion, Bitcoin Cash is the 28th most valuable cryptocurrency. In the intraday session, the asset price volume has decreased by 0.38%. BCH’s volume-to-market capital ratio points to a price trend that is stable.
Make-or-Break for BCH Crypto Price!
Bitcoin Cash price prediction suggests recovery phase of BCH crypto during today’s trading session. BCH crypto has been trading within the symmetrical triangle pattern and needs to break free. However, buyers are trying to fuel the BCH crypto price to break out from the upper trend line of the symmetrical triangle pattern.
Meanwhile, BCH crypto has gained around 2.75% in a week and 13.01% in a month. Also, Bitcoin Cash has recovered around 18.43% in three months and BCH Crypto has gained 30.45% so far this year, suggesting maximum recovery during 2023.
Technical indicators suggest the upward momentum of BCH crypto. Relative strength index shows the upward trend of the BCH crypto price. The RSI was at 52 and is trying to move towards the overbought territory.
MACD shows the uptrend of Bitcoin Cash price. The MACD line is above the signal line after a positive crossover. Investors in BCH need to wait until the bull maintains the momentum on the upper trend line.
Summary
A hard fork in the blockchain of the original Bitcoin led to the creation of Bitcoin Cash in 2017. 92% of the supply, which is the same as Bitcoin, is in active circulation. BCH is up over 65% from its all-time low and down 97% since its high. Bitcoin Cash price prediction suggests recovery phase of BCH crypto during today’s trading session. Technical indicators suggest the upward momentum of BCH crypto.
Technical levels
Support levels: $123.75 and $120.00
Resistance levels: $130.00 and $150.00
Disclaimer
The views and opinions expressed by the author, or any persons mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
