Bitcoin Cash (BCH) Price Prediction – Why Is It Under Performing?

Bitcoin Cash (BCH) is an electronic peer-to-peer payment system that promises fast past payment settlements with minimal charges. 

The crypto asset has a circulating supply of 19,435,500 BCH coins and shows bullish today, June 30, 2023. BCH is up by 32.03% as of the time of writing, with a trading volume of $2,190,398,256 in the last 24 hours. 

Bitcoin Cash’s future price prediction is possible with its past and present price action. But various fundamental factors will likely affect it.

BCH Past and Present Price Actions

Following a weekly chart on TradingView, the BCH market price fluctuated with minimal changes within a bearish trend in May 2023. Also, BCH has been hovering within $108.80 and $116.90 price levels between June 1 and June 9, 2023.

The market price further traded below the $108.80 price level as the selling pressure continued making BCH close at $103.62, $102.83, $102.73, $105.27, $101.79, and $104.72 each day from June 10 to June 15, respectively.

To recover the losses witnessed in the BCH market, the bulls increased buying momentum, lifting the BCH price level to $108.06 on June 16, 2023.

Unfortunately, the bears snatched the BCH market, forcing the price to close at $106.69, $107.04, and $106.71 on June 17, 18, and 19, 2023, respectively. As of June 20, 2023, the bulls increased buying pressure forcing the BCH market price to increase slightly and close at $109.89.

Notably, Bitcoin also rallied that same day, June 20, 2023, making it the reason for the slight change in the BCH market price towards the bullish trend.

BCH witnessed a remarkable price change from June 21 to June 24, 2023, as it closed at $213.73 on June 24, 2023, against its closed price of $109.89 on June 20, 2023.

But as of June 25, 2023, the bears pulled the BCH market price off its price level of $213.73 to close at $195.40. But the next day, BCH resumed its bullish trend again and closed at $223.48, $230.18, and $225.38 from June 26 to 28, respectively.

As of today, June 30, 2023, the BCH market is bullish and trading at $305.14 as of the time of writing.

BCH Market Could Retain Its Bullish Trend

The BCH market is currently on a bull run, as shown by some indicators on the TradingView chart. The asset is currently trading above its 50-Day and 200-Day Simple Moving Average (SMA), indicating a bullish trend.

Again, it had a golden cross between June 26 and June 27, 2023, which could have also caused positive market sentiments, further increasing the buying pressure.

Also, BCH has its Moving Average Convergence/Divergence (MACD) above the signal line depicts that BCH is bullish and likely to retain its momentum, evidenced by the MACD’s solid green histogram bars.

Again, its Relative Strength Index (RSI) is 87.45 in the overbought region (70), showing that the BCH market favors the bulls. But it also indicates the asset is overbought and might trigger a trend reversal soon.

Note the crypto market is highly volatile, and the prediction here will likely change. So, ensure there is risk management, and you have done in-depth technical analysis before executing trades.

Experts Predict Bitcoin Cash Market Price

Bitnation predicted that by 2023, the market price for BCH will record a $363.18 minimum price, $453.98 average price, and $544.77 maximum price.

By 2024, the average, minimum, and maximum market prices for BCH will be $756.63, $665.84, and $847.43, respectively.

By 2025, Bitnation also predicted that BCH would have an average market price of $1,059.28, a minimum price of $968.49, and a maximum price of $1,150.08.

By 2026, it further predicted the maximum market price of BCH at $1,452.73, average price of $1,361.94, and minimum price of $1,271.14.

According to Techopedia, the minimum, average, and maximum market price for BCH will be $135, $240, and $345 by 2023. By 2024, the market price for BCH will be a minimum of $200, an average of $325, and a maximum of $450.

By 2025, Techopedia predicted that the market price of BCH will be around $450, $628.5, and $807 for its minimum, average, and maximum market prices.

By 2030, it also predicted BCH to have a maximum market price of $1,200, a minimum of $500, and an average of $850. According to CryptoNewsZ, by 2023, BCH’s maximum and minimum prices market will be $112.56 and $273.46, respectively.

By 2024, the market price for BCH will be around $227.50 and $347.50 for its minimum and maximum prices. By 2025, CryptoNewsZ also predicted the market price of BCH to have a $300.30 minimum price and a $458.70 maximum price.

Factors That Might Affect the BCH Market

The crypto industry has multiple factors that influence its market behavior, making the market price fluctuate, plummet, or skyrocket. 

These factors are investors’ sentiments, macroeconomic activities, laws of demand and supply, regulatory policies on cryptocurrencies, developments within a crypto project, lawsuits on crypto firms, etc.

Bitcoin Cash Slight Price Drop Following the U.S. SEC’s Lawsuits

The U.S. Securities and Exchange Commission recently filed lawsuits against Binance and Coinbase on June 5 and June 6, 2023, respectively. The SEC accused Binance of deploying web deception to attract U.S. customers to its trading space.

It further accused Binance of mixing customers’ funds with its funds. It alleged it offered unregistered securities, carried out clearing functions, and worked as a broker without authorization from SEC.

SEC accused Coinbase of selling and offering assets it regards as securities without registration. It violates the United States law that demands authorization from SEC to carry out exchange, clearing, and broker functions.

This affected the global crypto market price as most cryptos dropped in price, including BCH. The asset saw its closed market price trading below the $115.73 price level of June 4, 2023, from June 5 to June 19, 2023.

Bitcoin Cash Skyrockets Following Bitcoin Bull Run

On June 15, 2023, BlackRock filed for Bitcoin spot exchange-traded fund (ETF), and a few days later, Fidelity Investments also shared plans for Bitcoin spot ETF.

The news caused the Bitcoin market price to surge so fast, forcing other cryptos to also gain in market prices. Bitcoin was trading at a $26842 price level as of June 19, 2023, but the news forced it to surge to $28315 on June 20, 2023.

Bitcoin always influences the market price of other cryptocurrencies. So, the BCH market price was also influenced by to gain in market price.

As such, Bitcoin Cash closed at $109.89 on June 20, 2023, the same day Bitcoin started its bull run against its closed price of $106.71 on June 19, 2023.

Bitcoin Cash Affected by Market Sentiments

The market price of Bitcoin Cash was affected by both negative and positive market sentiments in June 2023. Between June 5 and June 19, 2023, strong negative market sentiment was witnessed in the global crypto market. 

This was after the SEC’s June 5 and June 6, 2023, lawsuits against Binance and Coinbase spread like wildfire. Bitcoin market price dropped, forcing other altcoins to also drop with it. This is because investors started questioning the fate of the crypto industry.

Moreover, the strict crypto regulatory measures by different countries and unions worldwide against the crypto industry didn’t help. This made most investors pause or stop further trading activities from escaping more losses as fear and uncertainty lingered.

However, the negative market sentiment later switched to a positive one following the news on Bitcoin spot ETF, as BlackRock applied for it. Fidelity Investments later reported its preparation to also apply for Bitcoin spot ETF.

This event triggered Bull Run in the Bitcoin market, which also affected the global crypto market price. Investors’ confidence returned as these two notable large asset-managing companies became interested in crypto. 

Fidelity Investment alone manages about $4.3 trillion in assets. This excited investors and could have caused this buying pressure in the BCH market. BCH is still in the Bull Run as of the time of writing.

South Korean Trading Activities Affecting Bitcoin Cash

The South Korean territory witnessed an EDX Market launch on June 20, 2023. Note EDX Markets are innovative marketplaces for digital assets designed to meet the needs of firms and financial institutions dealing with cryptocurrencies and other world financial instruments or securities.

These EDX Markets include Charles Schwab, Fidelity Digital Assets, and Citadel Securities. These marketplaces only listed Bitcoin Cash (BCH), Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC).

Their decisions were made because these four cryptocurrencies were not on the list of cryptos SEC regarded as securities. As such, they could be on the safe side. 

CoinDesk revealed today, June 30, 2023, that Bitcoin Cash market behavior could have faced positive market sentiment since then. 

A South Korean crypto exchange, Upbit, noticed that its trading pair, Bitcoin Cash / Korean won (BCH/KRW), had a $557.63 million trading volume in the past 24 hours.