Bitcoin Cash (BCH) Crosses $700, More Gains Post-Halving?

Bitcoin Cash (BCH) is attracting attention from the cryptocurrency community due to its current notable price surge fueled by several factors, including its recently concluded halving event, among others.

Since the token price action is bullish, investors expect a continued price uptrend from Bitcoin cash. However, that might not be a guarantee, so let's have a look.

Bitcoin Cash halving

The recently completed Bitcoin Cash halving is the key factor responsible for increasing BCH price.

Following the halving, BCH price has soared by almost 8% and is currently trading at $694.10 (at the time of writing), up by 1.68% from yesterday. The second Bitcoin Cash halving event successfully occurred on Thursday, April 4, 2024, which reduced the miner rewards from 6.25 BCH to 3.125 BCH.

The anticipation surrounding the event saw BCH push its price to a three-year peak of $705 on Monday. However, BCH dipped its price to a low of $561.70 on Wednesday but recovered it by almost 15% after the halving on Thursday.

This rise implies that BCH is relevant among market participants, and there is an increase in demand for the asset among users. Data shows that the coin increased its value by 23% in the last seven days and witnessed a surge of 43% in the last 30 days.

Like Bitcoin, the Bitcoin Cash protocol also undergoes a major halving mechanism every four years. While Bitcoin Cash had its first halving event back on April 8, 2020, it completed its second block-halving event just about 16 days before the Bitcoin halving.

The resurgence of BCH is also part of the optimism in the wider cryptocurrency market.

History shows that Bitcoin halving often leads to price surges, increased market attention, and the potential for positive impacts on other cryptocurrencies.

Whenever Bitcoin trades higher (like in the present case), this often creates optimism and positive sentiment among traders and investors, leading to heightened interest and investment in altcoins.

Which way is BCH headed?

After having a comfortable week, BCH remains stable as the coin’s value rose by 1.68% in the last 24 hours and even reached $701.34 today, on Saturday, April 6, at 20.57 PM.

At the time of writing, BCH was trading at $$694.10 with a market cap of $13.6 billion, making it the 13th largest cryptocurrency.

Looking at BCH’s daily chart at Coinmarketcap, it’s fundamental to ask whether the coin’s price could reach $800 in the next few days. Our analysis of the Bollinger band’s data shows extended price movements near the outer bands, signaling a potential strong trend for the crypto.

The Relative Strength Index (RSI) stands at 70.14, indicating that the token has entered the overbought zone, signaling that selling pressure on the coin might increase.

In addition, MACD shows two separate lines moving apart, suggesting that the upward trend is set to become stronger, thus displaying a clear bullish advantage in the market.

Various market experts have also predicted different Bitcoin Cash price movements over the year. Lite Finance analysts anticipate an optimistic outlook, with the BCH price anticipated to reach over $750 by the end of the year, with $384.02 being the lowest and $586.58 the average price, reflecting a bullish trend.

Though Digitalcoinprice.com predicts that BCH will reach $813 before the end of this month, they anticipate that the lowest price for this year will be $457.33, and the token will trade its value at $655.60 by December.

PricePrediction.net anticipates that BCH will reach $925.23 this year, with $845.18 being the minimum price and $870.36 being the average price.

What is Bitcoin Cash?

Bitcoin Cash is a cryptocurrency that aims to provide an alternative to the world’s largest and most widely traded virtual currency, Bitcoin.

• Bitcoin Cash was developed by a group of Bitcoin developers who disagreed on the route Bitcoin should take to address rising transaction fees, network scalability issues, and the inability to carry out micro-transactions.
• To achieve these goals, Bitcoin Cash developers created the cryptocurrency from a hard fork of Bitcoin in 2017.
• Bitcoin Cash was designed with the intention of fulfilling Bitcoin’s original promise of being a fast cryptocurrency with low transaction fees, making it suitable for day-to-day transactions.
• Various merchants and businesses have embraced BCH as a form of payment. BCH’s rising adoption in e-commerce and the broader marketplace highlights its function in real-world transactions.

Conclusion

Bitcoin Cash has achieved an immense milestone by undergoing another milestone in its evolution and reaching a higher valuation, signifying a notable rise in its worth. However, BCH users need good practices during this time to navigate the opportunities and uncertainties that lie ahead.