02 June 2020, 19:06
2 min reading
With less than three years in the cryptocurrency market, Bitcoin Cash (BCH) has continuously proved its great investment potential for traders and investors alike. Since it first appeared, this cryptocurrency has reached the 5th position in the market based on its market cap. It’s currently only behind Bitcoin, Ethereum, XRP, and Tether with a market
With less than three years in the cryptocurrency market, Bitcoin Cash (BCH) has continuously proved its great investment potential for traders and investors alike.
Since it first appeared, this cryptocurrency has reached the 5th position in the market based on its market cap. It’s currently only behind Bitcoin, Ethereum, XRP, and Tether with a market cap of $4.1 billion.
What’s more? Bitcoin Cash is predicted to keep skyrocketing over the next couple of years. In the article below, you’ll find the most recent Bitcoin Cash price predictions 2020, 2021, 2023, 2025, 2030.
Bitcoin Cash (BCH), also known as Bcash, is a fork of Bitcoin (BTC) created on August 1, 2017. While BCH is similar to its parent currency in many ways, some technical aspects make them very different.
Just like Bitcoin, Bitcoin Cash is a peer to peer crypto, which implies it can be directly sent to anyone and anywhere in the world without the need of a third-party intermediary. As for the differences between Bitcoin Cash and Bitcoin, there are two big ones:
Due to these differences, many people think of Bitcoin Cash as some sort of digital cash, while the good-old Bitcoin is typically associated with the term ‘digital gold’.
Now, for those of you wondering why the currencies had to be split, Bitcoin Cash was born out of the idea of making Bitcoin a more practical cryptocurrency for day to day transactions.
Around May 2017, Bitcoin payments were taking more than 3 days to go through, unless one was willing to pay a significant fee. The Bitcoin community then agreed that the transaction charges were too high for little transactions and so a hard fork had to be implemented to divide the currency into two.
Bitcoin Cash has been posting solid gains lately. As of the writing of this article, Bitcoin Cash’s chart shows that the coin’s current price is trapped between the $200 to $280 price ranges. But when buyers inevitably force a breakout above the range, then a large directional move is assured to take place.
In regard to the medium-term price trend, Bitcoin Cash has been focused on overpowering the sellers hauled up at the $250 price level after successfully tacking the resistance at $240.
That said, a temporary high has already been attained at $245 and that has momentarily put a stop to the currency’s bullish momentum. On the other hand, the coin is also trading above the 50-day simple moving average (SMA), which is a key indicator that buyers aren’t done with the upside.
At this point, it’s apparent that a break through the 2nd resistance zone ($250 mark) and 200-day SMA at the 3rd resistance zone ($270) will give the upward momentum the boost it requires to shoot past $300.
Bitcoin Cash traded close to the $500 mark in February 2020 and it is still showing potential to recover to those higher levels. Wait… Are you feeling lost on technical ground?
If you’re not familiar with how to execute technical analysis, here’s what you need to know. The analysis can be divided into two different categories, namely the quantitative form and the qualitative form.
The quantitative form will allow you to analyze past charts through a time frame analysis and construct trading signals, whereas the qualitative involves analyzing charts and trying to identify data patterns.
The main thing that sets the two apart is that, when using a specific trading rule, qualitative technical analysis is completely subjective and traders might reach different conclusions after using the same chart, but quantitative technical analysis is objective and each trader should reach the same conclusion.
Before moving forward, here are some of the most popular technical indicators out there. The Bitcoin Cash BCH price predictions below use a combination of these to determine a possible price.
Even though technical analysis is extensive, it’s not always enough. You’ll be at a bigger advantage if you use fundamental analysis as well and pay attention to news forums and streams.
Bitcoin Cash relies on a wide array of complex systems that range from game theory and economics to computer science, cryptography, and advanced mathematics.
Unlike conventional currencies where policies are decided by the FOMC with pressure from elected officials, Bitcoin Cash benefits from a huge amount of research put into applied cryptography, tens of thousands of software engineers updating code, and is always undergoing a rapid evolutionary process.
As we all know, companies that don’t innovate will eventually lose their edge and get overtaken by competitors. As for Bitcoin Cash, you can rest assured it’ll keep evolving technology-wise.
For small and middle-sized investors, fundamental analysis would largely focus on Bitcoin Cash news, specially those related to BCH mining, network updates, and other events that might affect the Bitcoin Cash Price. For example, the Bitcoin Halving 2020 event.
When Bitcoin Cash first hit the market in August 2017, it was going for $200 but in less than a month, the price had skyrocketed to $550 thanks to a lot of interest from avid crypto traders around the world.
Most traders were actively seeking a new Altcoin they could use to make money and Bitcoin Cash mining convenience delivered just that. That said, the subsequent market correction in November cut the coin’s value by 30 percent (even though the next growth phase started right away.)
The release of the coin’s official software and getting listed on leading crypto exchanges around the world pushed the price to $1000. And not long after that, Bitcoin Cash hit its all-time high of $4355.
The dark period of the crypto realm started around December 22, 2017. On that day, each crypto (including Waves, Bitcoin, and more) started losing its position and Bitcoin Cash’s price fell to $1000.
By the beginning of May 2018, Bitcoin Cash had started picking up again and its price rose to $1500. But after that, the market started dipping again. A new hard fork that took place in November 2018 drove the prices even lower to an all-time low of $75.
During the spring of 2019, the price of Bitcoin Cash was trading between $130 and $170. There was a slight growth that brought the price up to around $500 in February 2020, but the prices have since dropped again.
A renowned crypto-related platform has predicted that Bitcoin Cash will be at the $256 level by the end of 2020 and gradually grow to around $490 by the end of 2022.
WalletInvestor’s Bitcoin Cash price prediction points at $800 between May and October 2020 and then a massive leap to $1200 in December 2020. WalletInvestor has also stated that the price of Bitcoin Cash will play in the same ranges in 2021, 2022, 2023, and 2024, meaning it will reach approximately $1000 at the end and beginning of those years.
Another crypto price prediction website called DigitalCoinPrice has predicted that the price of Bitcoin Cash will reach a maximum price of $550 in 2020 and keep rising to around $1100 by 2025.
LongForecast has come forward with a price prediction stating that the price of Bitcoin Cash might fall back to the $152 — $185 price range in June 2020 and keep falling to $66 — $84 by the end of the year.
The prediction goes on to state that the price will keep decreasing and only begin to improve at the end of 2022 and reach a price range of $259 – 299 by November 2023.
Another platform, Smartereum, thinks that the coin has the potential to reach as high as $6700 by the end of 2021. Similarly, the same platform’s five-year prediction of the price of Bitcoin Cash is around $10,000 for a single BCH.
Like every other asset, investing in Bitcoin Cash has its benefits and risks, so it’s recommended to arm yourself with as much knowledge as you can before buying or selling.
And whenever you feel like you’re ready to make a long term investment commitment, feel free to give it a try. As you can see above, the BCH price prediction is quite positive.