Bitcoin Cash (BCH) Price Prediction 2023 — Will BCH Hit $200 Soon?
- Bullish BCH price prediction for 2023 is $130.9 to $166.6.
- Bitcoin Cash (BCH) price might reach $200 soon.
- Bearish BCH price prediction for 2023 is $87.
In this Bitcoin Cash (BCH) price prediction 2023, we will analyze the price patterns of BCH by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Bitcoin Cash (BCH) Current Market Status
| Current Price | $120.66 |
| 24 – Hour Trading Volume | $265,349,243 |
| 24 – Hour Price Change | 6.59% Up |
| Circulating Supply | 19,386,306.25 |
| All – Time High | $4,355.62 (Dec 20, 2017) |
What is Bitcoin Cash (BCH)?
Bitcoin Cash is a peer-to-peer electronic money system that aims to become a trusted global currency with fast payments, micro-commissions, privacy, and high transaction capacity. Just as physical money, such as dollar bills, is transferred directly to the recipient, Bitcoin Cash payments are sent directly from person to person.
Bitcoin Cash (BCH) is a form of cryptocurrency very similar to Bitcoin. In fact, Bitcoin Cash is a fork of Bitcoin due to the split of the chain where a certain group of Bitcoin developers is not satisfied with the general direction of Bitcoin’s scalability.
Bitcoin Cash (BCH) Price Prediction 2023
Bitcoin Cash (BCH) ranks 28th on CoinMarketCap in terms of its market capitalization. The overview of the Bitcoin Cash price prediction for 2023 is explained below with a daily time frame.
BCH/USDT Horizontal Channel Pattern (Source: TradingView)
In the above chart, Bitcoin Cash (BCH) laid out a Horizontal Channel Pattern, Horizontal channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it.
A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Bitcoin Cash (BCH) was recorded at $120.66. If the pattern trend continues, then the price of BCH might reach the resistance levels of $119.5, $148.6, and $229.2 If the trend reverses, then the price of BCH may fall to the support of $96.
Bitcoin Cash (BCH) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Bitcoin Cash (BCH) in 2023.
BCH/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Bitcoin Cash (BCH) for 2023.
| Resistance Level 1 | $130.9 |
| Resistance Level 2 | $166.6 |
| Support Level 1 | $107.9 |
| Support Level 2 | $87 |
As per the above analysis, if Bitcoin Cash’s (BCH) bulls take the lead, then it might hit and break through its resistance level of $166.6.
Conversely, if Bitcoin Cash’s (BCH) bears dominate the trend, the price of BCH might plunge to $87.
Bitcoin Cash (BCH) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin Cash (BCH) are shown in the chart below.
BCH/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Bitcoin Cash (BCH) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the BCH price lies below 50 MA (short-term), indicating its downtrend. Hence, BCH is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of BCH is at 34.03. Therefore, this indicates BCH is nearly in an oversold state. Also, this confirms that BCH sends out a buy signal.
Bitcoin Cash (BCH) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Bitcoin Cash (BCH) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
BCH/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of BCH lies in the range of 38.8 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of BCH lies below 50, indicating low volatility.
Comparison of BCH with BTC, ETH
Let us now compare the price movements of Bitcoin Cash (BCH) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs BCH Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of BCH is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of BCH also increases or decreases respectively.
Bitcoin Cash (BCH) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Bitcoin Cash (BCH) between 2024 and 2030.
Bitcoin Cash (BCH) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Bitcoin Cash (BCH) might successfully test and surpass its resistance levels to hit $215 by 2024.
Bitcoin Cash (BCH) Price Prediction 2025
The significant upgrades in the Bitcoin Cash ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Bitcoin Cash (BCH) price to reach $220 by 2025.
Bitcoin Cash (BCH) Price Prediction 2026
If Bitcoin Cash (BCH) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $225.
Bitcoin Cash (BCH) Price Prediction 2027
If Bitcoin Cash (BCH) sustains major resistance levels and stands as a better investment option in the market, then BCH would rally to hit $229.
Bitcoin Cash (BCH) Price Prediction 2028
If Bitcoin Cash (BCH) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then BCH would hit $235 by 2028.
Bitcoin Cash (BCH) Price Prediction 2029
If investors flock in and continue to place their bets on Bitcoin Cash (BCH), then the crypto would witness major spikes. Hence, BCH might hit $237 by 2029.
Bitcoin Cash (BCH) Price Prediction 2030
By 2030, the BCH price might rally to $240 if the trend momentum aligns in favor of Bitcoin Cash. Furthermore, BCH would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Bitcoin Cash (BCH) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Bitcoin Cash (BCH) price prediction for 2023 is $166.6. Comparatively, the bearish Bitcoin Cash (BCH) price prediction for 2023 is $87.
If there is a positive elevation in the market momentum and investors’ sentiment, then Bitcoin Cash (BCH) might hit $200. Furthermore, with future upgrades and advancements in the Bitcoin Cash ecosystem, BCH might surpass its current all-time high (ATH) of $4,355.62 and mark its new ATH.
FAQ
1. What is Bitcoin Cash (BCH)?
Bitcoin Cash is a peer-to-peer electronic money system that aims to become a trusted global currency with fast payments, micro-commissions, privacy, and high transaction capacity.
2. Where can you buy Bitcoin Cash (BCH)?
Traders can trade Bitcoin Cash (BCH) on the following cryptocurrency exchanges such as Binance, OKX, Deepcoin, CoinW, and Bitrue.
3. Will Bitcoin Cash (BCH) record a new ATH soon?
With the ongoing developments and upgrades within the Bitcoin Cash platform, Bitcoin Cash (BCH) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) hit its current all-time high (ATH) of $4,355.62 on Dec 20, 2017.
5. What is the lowest price of Bitcoin Cash (BCH)?
According to CoinMarketCap, BCH hit its all-time low (ATL) of $75.08 on Dec 15, 2018.
6. Will Bitcoin Cash (BCH) hit $200?
If Bitcoin Cash (BCH) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $200 soon.
7. What will be the Bitcoin Cash (BCH) price by 2024?
Bitcoin Cash (BCH) price might reach $215 by 2024.
8. What will be the Bitcoin Cash (BCH) price by 2025?
Bitcoin Cash (BCH) price might reach $220 by 2025.
9. What will be the Bitcoin Cash (BCH) price by 2026?
Bitcoin Cash (BCH) price might reach $225 by 2026.
10. What will be the Bitcoin Cash (BCH) price by 2027?
Bitcoin Cash (BCH) price might reach $229 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/bitcoin-cash-bch-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
