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Bitcoin Cash (BCH) is a cryptocurrency and PoW (Proof-of-Work) blockchain network with high transaction speed and low cost compared to Bitcoin. It is a permission-free, open network that empowers users to engage with others without intrusions.
There has been a dramatic price change with cryptocurrency. It started trading at $97.07 on January 1, 2023, and maintained a bullish run till it reached $145.23 on February 22, 2023. But on February 23, BCH dropped and has been struggling to rise again. BCH is down by 5.62%, trading at $125.33 at press time.
Experts’ long-term predictions and analysis of BCH will indicate if the asset would be an ideal investment option.
BCH Price Action
As of January 1, 2023, BCH was trading at $97.07, after which it spiked to $145.23 on February 22. However, some price fluctuations occurred on the asset, leaving it at $131.94 at the beginning of March. Since then, BCH has struggled to regain its price momentum.
BCH’s price action shows that the asset price has fluctuated since the start of 2023. It also indicates that the bearish move on the asset is overpowering the bulls. However, the bulls might reclaim their momentum before the end of the year.
BCH Technical Analysis
Bitcoin Cash is currently in a downtrend on the daily chart forming a long red candle with a prominent shadow. It indicates bearish dominance in the market today. The majority of its price action in the last ten days has been bearish, with the trend persisting till today.
BCH is trading below its 50-day Simple Moving Average (SMA), a bearish signal in the short term. Also, the Relative Strength Index (RSI) indicator is 41.27, close to the oversold region of 30. Traders are likely taking short positions in the market today.
Bitcoin Cash’s Moving Average Convergence/Divergence (MACD) is below its signal line and reflects the bearish trend. The histogram bars are also bearish for the MACD indicator.
However, BCH is still trading above its 200-day SMA, which indicates a possible bullish reversal in the long term for the asset. The daily chart shows that the downtrend might gradually fade, and a rally will likely begin.
BCH’s support levels are $125.43, $127.81, and $129.75; the resistance levels are $134.08, $136.46, and $138.40. BCH will likely rally to the $125.43 support in the short term and resume its uptrend if the bulls prevail.
BCH Long-Term Price Prediction
BCH Price Prediction 2023
BCH may become an acceptable payment medium across various countries. If this happens, BCH can make it up to $172 before the middle of 2023. BCH is expected to recover from its crashes, boosting its momentum to $275 before December 2023. And if the bears interfere with this move, the minimum price of the asset could hit $105.
BCH Price Prediction 2025
If the price of Bitcoin cash stands strong along with an increase in mass adoption, it’s likely to be worth 10-100x more than its all-time high. BCH is, therefore, expected to trade a minimum of $352 and a maximum of $445 before the end of 2025.
Please note that cryptocurrencies are volatile and can deviate from predicted price action. Sound technical analysis and risk management techniques are crucial for traders.
What is BCH?
Bitcoin Cash, is a cryptocurrency created to restore decentralization in the crypto sector. It emerged from Bitcoin’s hard fork in 2017 and supported the most significant transaction thresholds in a block with lower transaction times and fees.
It shares various characteristics of Bitcoin (BTC); however, several features and changes differentiate them. BCH is more like a peer-to-peer e-cash system and keeps trading at a fraction of the price of Bitcoin. However, it’s yet to gain mass adoption as a payment medium.
Factors That Might Be Affecting BCH’s Price
Several factors might be influencing Bitcoin Cash’s price. These factors range from innovative developments to partnerships on the network. Here are the latest trends in the BCH ecosystem that are relevant to its price action.
Cashtokens To Launch in May 2023
Source: YouTube
Cashtokens is one of the new upgrades on the Bitcoin Cash network that will go live in May 2023. Cash tokens enable Decentralized Applications (DApps) with efficiency in carrying out transactions and validations.
The Cashtokens proposes two native tokens, fungible and non-fungible tokens. These new tokens will create a more efficient transaction network on the BCH network. Till the eventual launch of the project, the effect on the asset’s price might not be evident.
BCH BULL Hits All-Time High
BCH BULL, the Bitcoin Cash hedging platform, has attained a new all-time high with 5500 BCH TVL. The platform is a unique web application that enables users referred to as bulls to take long positions with leverage on Bitcoin Cash. Traders take these positions against other cryptocurrencies and fiat currencies.
The trading works with smart contracts on the BCH blockchain. Increased utility on a network could also help boost its price.
Bitcoin Cash Alternative Projects
C+ Charge (CCHG)
C+Charge is a platform that offers electric vehicle (EV) owners access to a smart charging system powered by blockchain technology. With the CCHG tokens, users can pay for EV charging directly from their electronic wallets.
Users earn rewards as carbon credits for charging and can convert them to CCHG tokens for another charging session. The presale is in its fifth stage, where 40% of the total supply of 1 billion tokens will be distributed to the public. One CCHG token is worth 0.018 USDT and is the next big green energy project in 2023.
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