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Bitcoin Cash (BCH.X): price forecast
Bitcoin Cash (BCH.X) price retracted to November 10, 2017 levels. It's also 43% down from its May 5 local peak, and a far cry from its December heights of roughly $3,650.
The much-hyped May 15 fork didn't really create much of a rally. While Bitcoin Cash is focused on becoming an everyday payments network (that Bitcoin is not well-suited for), investors are reacting to this lofty mission with much skepticism.
Why did the hard fork matter for BCH investors?
Let's explain how things work. A hard fork is a software update to a crypto network that results in the creation of an entirely new blockchain network. Anyone who holds any amount of a coin that goes through a hard fork is entitled to receive a corresponding amount of the new coin.
So any cryptocurrency that experiences a hard fork generally tends to see upward price movement in the days and weeks leading up to it.
Now that the fork is water under the bridge, what is the Bitcoin Cash price prediction?
Here are our thoughts. Bitcoin cash price will remain under pressure, given that it declined below the $1,000 support level. Looking at the technical indicators, here are the key things to point out:
- Moving average convergence divergence (MACD ) is mostly negative in the bearish zone. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA.
- Relative strength index (RSI) is declining towards the 30 level.
- Major support level can be found at $950.
- Major resistance level is at $1,060.
Out thoughts? Be cautious, since the momentum doesn't look particularly encouraging.
Bitcoin Cash (BCH.X): price analysis and prediction
One of the things that went wrong about BTC.X is the centralization of protocol development. Bitcoin is distributed in many ways, but for quite some time there was only one main core group of developers (a.k.a., Bitcoin Core) on it.
Bitcoin Cash, on the other hand, is completely decentralized (e.g., nodes, wealth and mining pools). There are several independent teams of developers along with multiple full node implementations.
The value proposition for Bitcoin Cash is as strong as ever.
But why is the price going down? What is the Bitcoin Cash price analysis and prediction?
At this point, we think that the cryptocurrency may be forming a bottom, which can take anywhere from a few days to a few weeks. Prices in the $1,000 -$1,200 range should not be a surprise.
The price is likely to remain volatile as the bears and the bulls battle it out to establish their reign. The latest news about the investigation of South Korean exchange Upbit by the country’s Financial Supervisory Commission (FSC) triggered the decline of Bitcoin Cash. Also, negative statements from the likes of Warren Buffet and Bill Gates also influenced retail investors' opinion about cryptocurrencies.
We will see a positive price movement for BCH.X when commercial institutions publish their plans to use the cryptocurrency. Stay on top of the latest developments, and keep checking Finstead for news and price updates (just type "BCH.X news" and "BCH.X" price).
Bitcoin Cash (BCH.X): will the bull run continue?
Bitcoin Cash has surged almost 80% in the last 7 days. There are speculations in the Bitcoin Cash community that this trend will continue for a notable period of time.
Bitcoin Cash is a cryptocurrency that forms a decentralized payment system. It was hard forked from Bitcoin on August 1, 2017. During the fork, a bitcoin owner possessed the same number of Bitcoin Cash units.
Why has the Bitcoin Cash price increased so rampantly? Here are some key developments to be aware of:
- Another Bitcoin Cash hard fork is going to occur on May 15.
- The rise in demand for Bitcoin Cash occurred partially because Bitpay, a global bitcoin payment service provider, incorporated additional features in its merchant services solutions.
- An additional security has been enabled for the coin through the use of new transaction signatures along with a difficulty adjustment algorithm.
- Bitcoin Cash received a lot of infrastructure support from wallet providers and major exchanges after its hard fork last August.
- A social media system known as Memo has been powered by Bitcoin Cash micro-transaction. This system lets its users follow various profile fields and maintain the stability of the content that is being shared through the use of BCH chain.
- To sustain digital scarcity, the mining operation Antpool has announced to burn 12% of BCH.
- Compared to other blockchain networks, Bitcoin cash networks are cheaper—and that makes them quite enticing.
Before you invest your money in Bitcoin Cash, we wanted to want you that the unregulated cryptocurrency market is extremely volatile. Exercise caution before you place your bets—and be prepared to lose all your money!