$ 76.9300 December 16, 2018 What is Bitcoin Cash?
Bitcoin Cash (BCH) is a hard fork of Bitcoin that occurred on August 1st, 2017.It prioritizes on-chain scaling and utility as a peer-to-peer electronic cash system.Bitcoin Cash expands the size of blocks, enabling more transactions to be processed.
Basically, BCH was created to overcome two major challenges faced by Bitcoin scalability- by increasing the “block size”, BCH can process a maximum number of transactions per second when compared to Bitcoin.Bitcoin Cash Technical Analysis
Initially, when introduced, BCH was trading at nearly $250.The price was continuously moving in the uptrend reaching $4091, which is the highest price of the coin to date.
In November 2017, the BCH price hit a temporary level of price resistance at approximately $1,700.This price point included the Bitcoin Cash price from uptrending and only after its third attempt at this level of price resistance.Further, the resistance was finally broken.
The break above resistance leads to an accelerated move toward higher BCH prices.
But at the end of the year, the market turned bearish, and Thus, bitcoin cash suffered huge losses reaching $2557.2018
At the beginning of 2018, the whole crypto market turned bearish.During the first quarter of the year Q1, the coin sloped down reaching $898.55 in February 2018.But nonetheless, the coin gained momentum back experiencing a bullish trend at the beginning of Q2 reaching a trading value of $1726.Further, in the mid of Q2, the price suffered a downtrend reaching $640.
In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV.On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.
The bearish trend continued further in Q3 and Q4 reaching the lowest value trading at $160 by the end of 2018.2019
At the beginning of 2019, the coin was trading at $165.33.
Anyways during Q1, there was not much variation in the price, however, there were minute pumps and dumps.At the beginning of April, the coin enjoyed a bullish trend reaching $302.31.
However, the resistance is maintained within $300 and again the price surged to $488.34 by the end of June.2020
2020 for BCH began on a bearish note.The cryptocurrency was trading at around $190 per coin.However, BCH was bullish for most of the first quarter.The price grew from the sub-200 level to surpass $300 by March.
To further the Q1 gains, BCH progressed to touching $400 by the beginning of February and later $500 in the middle of the month.
A sharp price decline set in in March and BCH crashed to around $150.The crash proved fatal and BCH is still recovering from the loss accrued since then.BCH rose to $246.90 by the end of April and climbed to $265.65 at the start of May.
With certain price swings, BCH spiked to $308.14 and further plunged to $261.27 by the end of October.As the expansion of Bitcoin’s price rally, BCH surprisingly rose to $340.60 and continued trading at $354.95 at the end of December 2020.
Bitcoin Cash Price Prediction 2021
During the start of 2021, BCH continued to trade at $340.56.On a bullish note, the price started to rise and reached $595.02 on 10th January.BCH might reach $680 by the end of January.Due to the variations in the Bitcoin’s price it might reach the $890 mark by May.
The price might start to surge from the end of November, if the Bitcoin’s price rally continues to expand again and BCH may trade at the $1050 mark at the end of December 2021.BCH Price Prediction 2022
BCH might continue to trade at $1055 in the first quarter of 2022.On a bearish note, the price might arrive at $560 by end of the first quarter.If BCH concentrates more on the improvements and developments, the price might reach $960 in the mid of May.The price might plunge if bears continue to drag the market.By the end of December 2022, BCH may trade at $1190.Bitcoin Cash 5 Years Price prediction
Bitcoin Cash will go through a number of developments in 5 years.
As Bitcoin is the parent of BCH, it is certain that BCH can’t blackout.
The future projects and developments might most probably link to that of bitcoin’s performance.By analyzing the roadmaps, it is estimated that Bitcoin Cash might reach $2200 USD by the end of 2025 Bitcoin Cash Market Prediction
According to DigitalCoinPrice, Bitcoin Cash will trade at $1100 by the end of 2025.
According to CryptoGround, BCH might reach $3067 in five years’ time frame.
According to LongForecast, BCH’s price might only drop to $50 by the end of 2023.
According to Smartereum, a crypto predicting website, BCH might reach around $24,600 by 5 years.Our Bitcoin Cash Price Prediction
BCH started the year 2021 with the trading price of $340.56.It might reach $1055 by the end of 2021.
Overall, the majority of crypto markets seem to be in a good place right now.It might be a profitable investment for the future if you plan to invest.It might touch the $2560 mark in the future.FAQ’S What Is Bitcoin Cash (BCH)? Bitcoin Cash (BCH) is a result of a Bitcoin fork that occurred on August 1, 2017.It is an alternative version of Bitcoin that makes use of new features and rules, and has a different development roadmap.Is it profitable to invest in Bitcoin Cash (BCH) ? Based on the data, it can be predicted that it is Profitable to invest in Bitcoin Cash (BCH) for the long term.Can Bitcoin Cash be mined? Yes, BCH also uses the same proof-of-work algorithm that is used by Bitcoin.Hence, it can be mined using CPUs and GPUs.
How many Bitcoin Cash are there? Since its a hard fork of Bitcoin, BCH also has a limited supply of 21,000,000 BCH.
Source: https://coinpedia.org/price-prediction/bch-bitcoin-cash-price-prediction/.
