In 2 years, Bitcoin Cash has proven to be a good investment, ranking 28th among all cryptocurrencies by market cap, according to CoinMarketCap. As a thriving derivative of Bitcoin, BCH is predicted to keep growing. However, before we delve into our Bitcoin Cash price prediction, let’s review its history.
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What is Bitcoin Cash (BCH)?
Bitcoin Cash is a derivative of Bitcoin. It appeared in August 2017, the result of a decision by influential miners, developers, investors, and users who opposed the SegWit2x consensus. Today, it is a decentralized P2P payment system. The idea of BCH is “a currency for everyday transactions”.
The developers of Bitcoin Cash decided to change the block size to allow a larger number of transactions and improve the scalability of the cryptocurrency. So they increased it from 1 MB to 8 MB.
After its creation, BCH quickly became popular. In one month almost 1,500 blocks were created. Some mining pools, such as Antpool and ViaBTC, recognized this cryptocurrency and sent large volumes of hashrate to the BCH mine.
Here is a brief overview of the status of Bitcoin Cash as of 11/03/2022:
| Project’s name | Bitcoin Cash |
|---|---|
| Created by | Amaury Sechet, Roger Ver Jian Wu |
| Market capitalization | $5,451,965,450.46 |
| Market price | $286.77 |
| Protocol | Proof-of-work |
| Algorithm | SHA-256 |
| Block size | 8 MB |
| Stars on Github | 866 |
Bitcoin Cash (BCH) Price Analysis
The many members of the crypto community, including Ethereum and Bitcoin miners, did not readily accept Bitcoin Cash. However, BCH has become a great investment tool. It is listed on different cryptocurrency exchanges including Bitstamp, Coinbase, Gemini, and Kraken.
BCH price history
It all started with the price of 1 BCH at $200. Even at this price, in terms of market capitalization the cryptocurrency immediately rose to the top of the CoinMarketCap charts. The rate doubled the next day. The price was stable for three weeks until it rose to $1,000. The community must have been convinced that it was an intentional hike, because the price immediately fell to $700.
We can observe a long and smooth fall. In mid-October 2017, the price reached the mark of $317 per BCH. Then, a significant reversal occurred which saw BCH rally to $1,600.
Consequently, the market grew several times. Each cryptocurrency grew by around 400%. Some prices increased by as much as 1,000%. Bitcoin Cash reached its highest level in mid-December with a value of $4,091 per coin.
The difficult days for the crypto market began on December 22, when every project, including Bitcoin, Waves and others, began to lose value. The price of Bitcoin Cash fell to $1,000 before seeing a big jump to $1,500 in early May 2018, when the market turned down again.
The previous winter was the worst for the cryptocurrency market due to low prices. At that time, Bitcoin Cash was at $80. There was a little growth that took it to $534, but the price fell again. In May 2021, the surge in cryptocurrency prices saw the price of Bitcoin Cash surge to over $1,600, the highest since it was around $1,800 in April 2018. But it couldn’t be held; since then, the price has dropped back to the $500-$600 region and has even traded as low as $280 in recent weeks.
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BCH technical analysis
Today, the price of Bitcoin Cash is trading at the lowest of the last two years, and there is hope that the price of BCH will recover soon.
Following the crash after the bull run in 2021, BCH failed to recover higher prices. It has been consistently traded lower, effortlessly breaking through various support zones and firmly establishing a bear market.
BCH is currently trading at $286 after a slight rebound from its two-year low. The price looks to test the nearest resistance at $364.47. While a break above the aforementioned support will be a good sign for the bulls, the bearish sentiment still persists in the current market. BCH has to recover $700 before it can be considered a good case for an impending bull market.
Bitcoin Cash (BCH) Price Prediction for 2022, 2023, 2025, 2030
It is very difficult to make a price prediction in such a volatile market. Technical analysis is not enough. Why? To understand this, look at human psychology and consider the latest news on the major cryptocurrencies.
First of all, prices depend on Bitcoin. As it gains traction, it quickly rushes into the market and spurs growth. On the other hand, it also generates a decrease of all currencies. Why is this happening? People think that Bitcoin determines the nearest future of the market.
Most cryptocurrencies are interdependent with each other, often with negative dynamics, and relatively independent with positive dynamics. When the market falls, all coins lose their value, but during a bull run, the price of each coin rises at its own rate.
Other influencing factors are:
- Last News
- Investments from companies or individuals with a good reputation
- Mining productivity
- The attitude of the different exchanges
We have some ideas about the future price of Bitcoin Cash. But first let’s take a look at some predictions from popular services.
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TradingBeasts Bitcoin Cash Price Prediction for 2022, 2023, 2025, 2030
As it stands, TradingBeasts’ price prediction is a bit conservative for 2022 as they expect the price to hit a high of $371 for the full year. They predict that the highest price for Bitcoin Cash in the next two years could be just over $700.
WalletInvestor’s Bitcoin Cash Price Prediction for 2022, 2023, 2025, 2030
Walletinvestor Says Long-Term BCH Rise Is Inevitable According to previous forecasts, the future value of Bitcoin Cash could reach $819, which happened in May 2021.
WalletInvestor’s look ahead is also not very encouraging in terms of its hope of making BCH profits in 2022, but its BCH price prediction for the coming years will have investors excited. They predict that BCH will grow more than 100% in a year, and by 2027, the token may be worth up to $940 per coin.
LongForecast Bitcoin Cash Price Prediction for 2022, 2023, 2025, 2030
LongForecast is still a bit bearish on the price of BCH, especially for the years to come. They predict a surge to price levels above $300 between now and 2023. That is where the good news for BCH ends. His prediction suggests that the token will drop below $100, and 2027 may be an exceptionally bad year with the price reaching as low as $72.
DigitalCoinPrice Bitcoin Cash Price Prediction for 2022, 2023, 2025, 2030
Probably the most positive BCH price prediction. DigitalCoinPrice has forecast a very successful decade for Bitcoin Cash. They believe that in 2023, Bitcoin Cash will trade above $460, and in 2025, prices will stabilize above $600 per 1 BCH. By the end of 2027, 1 BCH will be valued above $1,500.
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Bitcoin Cash Overall Value Predictions
The predictions for Bitcoin Cash could look positive as it is the most successful derivative in the history of cryptocurrencies today. The total hashrate is 2,544 Ehash/s. This shows that mining pools believe in the future of BCH and are trying to support it. According to CoinMarketCap, the daily trading volume is over $3 billion. Therefore, traders also believe in this project.
BCH fees are low, so it could be more stable, with people completing more transactions. This could influence the positive attitude towards the cryptocurrency and stimulate a small increase.
BCH prevails above the law in some countries, especially Australia. Forecasters are confident in future projects connected to Bitcoin Cash and predict continued growth. And with the wider adoption of cryptocurrencies around the world, we can also see the possibility of better price performance in the coming years.
On the other hand, Bitcoin Cash has many problems, mostly technical issues. As with Bitcoin, the block time for BCH is almost 10 minutes. This chain is overloaded and each transaction is processed with a long delay.
The productivity of Bitcoin Cash depends on the activity of the miners. The complexity of the network is increasing, so miners have to spend more resources to work effectively. As a result, some of them will give up on this idea of lowering the hashrate. This will affect transaction fees, followed by a drop in the price of BCH.
The same goes for security issues. If miners are reluctant to use their high hashing power, that 51% chance of an attack will increase. Someone with resources could have the ability to control the BCH chain and use it for their own needs.
How high can Bitcoin Cash go?
It depends on whether Bitcoin Cash will be able to destroy Bitcoin. It is difficult to answer this question. BCH can scale much higher than Bitcoin. But it still has its own flaws: security and interdependence with other altcoins.
Bitcoin will not die anytime soon, as it is needed to trade most cryptocurrencies on most exchanges. If Bitcoin crashes anytime soon, the entire market will fall. Just as BTC is necessary, neither Bitcoin Cash nor other altcoins can dominate the market.
Also, BCH depends on Bitmain, which is the biggest supporter of this cryptocurrency. Because of this, BCH cannot go very high. If Bitmain changes its favorites, Bitcoin Cash will lose its positions.
For now, we cannot give a forecast for the highest price of Bitcoin Cash because it has many variables that affect it. However, we believe that it will increase to $5,000 in the next five years.
BCH Price Prediction Today
These days, the entire crypto market is bearish. Traders mostly sell Bitcoin Cash. That is why the BCH price prediction today is quite gloomy. In the coming days, the price may fall further. There are some bullish reversals, but they probably won’t be enough for a significant rally until there is bullish momentum in the broader crypto market.
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April 24, 2024
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