Bitcoin Cash Price Hits 29-Month High – Will BCH price reach $1,000 in Q2?
Even though the elite cryptocurrency shows mixed sentiment, the industry has shown a reversal of the bullish trend in the market as major altcoins and mid-cap tokens record significant bullish trends in their respective portfolios.
Bitcoin cash (BCH) is both a cryptocurrency and a payments network. It was created after a hard fork with bitcoin in December 2017 with the goal of increasing the number of processable transactions.
Bitcoin cash price has successfully regained momentum after testing its low of $584, indicating further entry into the market.
Furthermore, the upcoming Bitcoin halving is considered one of the main factors for the recent surge as it indicates that more traders are becoming investors in this asset.
Bitcoin Cash Price Hits $700 for the First Time Since September 2021
After showing a negative trend since the beginning of the month, the bulls successfully regained momentum and recorded a significant jump in valuation. Furthermore, the BCH price regained $700 after a 29-month wait, indicating a strong bullish influence in the crypto space.
However, the rally was short-lived as the price faced rejection soon after reclaiming its high. This further suggests a strong liquidation point at that level as the token steadily faces rejection at its $700 resistance level. Positively, the altcoin has added over 9% in the last 24 hours and about 52.50% in the last 30 days. At the time of writing, the trading price of Bitcoin Cash was $690.1 and its year-to-date value was 165.83%, indicating high potential for this crypto token in the long-term perspective.
BCH Market Sentiments
The simple moving average (SMA) shows a bullish curve on the chart, suggesting a strong positive influence on the cryptocurrency market. On the other hand, the MACD shows a constant increase in the green histogram, indicating greater buying pressure over selling. in the market. Furthermore, the averages are showing a significant bullish trend, suggesting that the price will continue to gain value in the future.
Will BCH Price Reach $1,000?
If the bulls continue to dominate the market, the BCH price will continue to gain value and test its resistance level of $750 over the next week. Maintaining the price at that level will set the stage for the Bitcoin Cash token to attempt to test its upper level of $800 this month. On the contrary, if a trend reversal occurs, the altcoin will lose momentum and fall to test its support level of $650. Furthermore, if the bears continue to dominate the market, the market will plummet and prepare to test its lower support level of $600 in the coming time.
BCH Price Forecast for April 2024
Based on Bitcoin Cash price fluctuations in early 2023, crypto experts expect the average price of BCH to be $$589.68 in April 2024. Its minimum and maximum prices can be expected at $$541.49 and $$637.87, respectively. This is according to Changelly.
CryptoPredictions points out that Bitcoin Cash started in April 2024 at $767.768 and is predicted to finish the month at $388.200. During April, the maximum forecasted BCH price is $453.329 and the minimum price is $308.263.
Additionally, CryptoPredictions forecasts that the BCH Price today (05.04.2024) will be in the $410.559 – $603.763 price range, and that Bitcoin Cash will end today at $483.010.
By Leonardo Perez