Bitcoin Cash (BCH) price estimate for Q4 2022 – Rise or Fall?

Bitcoin Cash (BCH) has weakened more than 70% since March 31, falling from a high of $391.38 to a low of $96.71.

The current Bitcoin Cash (BCH) price stands at $118, which is more than 90% off from its 2021 highs registered in May. But where is the price of Bitcoin Cash (BCH) going next, and what can we expect from the forth quarter in 2022? In this post, Crypto Lists will look into the technical analysis with support and resistance levels in focus for this altcoin.

Sharp volatility

The cryptocurrency market experienced sharp volatility after a gross domestic product (GDP) report from the United States Department of Commerce, which was released this Thursday, showed an economic turnaround. The U.S. economy increased by 2.6% in the third quarter, outperforming analysts’ predictions which expected the GDP to grow by 2.4%.

Today, Crypto Lists will discuss Bitcoin Cash (BCH) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.

Fed will likely raise interest rates again next Wednesday

Bitcoin Cash broke off from the original Bitcoin network on August 01, 2017, and has rapidly become one of the most valuable cryptocurrencies globally. Bitcoin Cash was created by a group of Bitcoin users who believed different technical decisions were needed to bring Bitcoin to a global audience.

Bitcoin Cash proponents tended to believe Bitcoin required modifications to make it competitive with traditional payment systems like Visa and PayPal. They also advocated for lowering the fees users pay to send transactions, preferring to shift these costs to other parts of the network.

To achieve this, Bitcoin Cash modified Bitcoin’s code and released a new software version with features that were no longer compatible with Bitcoin. Bitcoin Cash has lower fees than Bitcoin and allows more transactions to be processed because of increased block size. Because of this, many analysts believe that by focusing on making its transactions cheaper, consumers will begin to choose BCH in online transactions, making it more valuable.

Rating: 9.33/10
Supply: 19,199,644 / 21,000,000
Release date: August 1, 2017

Description: Trade BCH, from a suitable crypto exchange.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

›› Read Bitcoin Cash review›› Buy or Sell BCH here

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The cryptocurrency market experienced sharp volatility after a gross domestic product (GDP) report from the United States Department of Commerce, which was released this Thursday, showed an economic turnaround. The U.S. economy increased by 2.6% in the third quarter, outperforming analysts’ predictions which expected the GDP to grow by 2.4%. Encouraging economic data and a positive earnings outlook for many companies lifted investor risk appetite ahead of next week’s much-anticipated two-day policy meeting of the Federal Reserve.

Increased market cap for crypto

The overall market capitalization of the cryptocurrency industry increased by 0.4% over the past 24 hours to $1 trillion. After spending multiple weeks trapped around $19,000, Bitcoin’s price was finally able to escape the range and break out toward the upside. Bitcoin advanced again above $20,000 and even poked above $21,000 before retracing a bit to where it currently trades. This situation also positively influenced Bitcoin Cash and the rest of the market for altcoins; still, the risk of another decline for the cryptocurrency market is not over.

According to a market survey, there is an 84.5% likelihood of a fifth consecutive 75 basis point interest rate hike at the conclusion of the Fed’s Nov. 1-2 policy meeting and a 51.4% chance that the U.S. central bank will increase further by 50 basis points in December. Goldman Sachs analysts have the opinion that the Fed could accelerate the speed of rate hikes in the light of recent economic data, while analysts at Nomura expect that the latest inflation data might prompt the central bank to implement an even bigger rate increase.

While the rate increases are intended to tame inflation, investors are worried that an aggressive interest rate could tip the economy into a dip recession. Fund manager Peter Schiff said that a lack of institutional support and a strict monetary policy are inalienable parts of the bear market, which will continue for quite some time, according to the current macro environment. In light of this, Bitcoin Cash might have a hard time holding above the current price levels, while Brandon Pizzurro, director of public investments at GuideStone Capital Management, said that the worst is ahead of us.

Technical analysis for Bitcoin Cash (BCH)

BCH has weakened from $138 to $101 since September 09, 2022, and the current price stands at $118. Bitcoin Cash might have a hard time holding above the $110 level in the upcoming days, and a break below this level would indicate that BCH could probably test the price level at $100.

On the chart below, we can see that BCH has been moving in the range from $135-$100 last several weeks, and as long the price of BCH is below $160, it remains in the SELL-ZONE.

Important support & resistance levels for Bitcoin Cash (BCH)

On this chart (the period from May 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Bitcoin Cash (BCH) remains under pressure, but if the price advances above $160, the next target could be resistance at $200. The current support level is $110, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $100. If the price drops below $100, which represents very strong support, the next target could be located around $80.

What speaks for the rise in the Bitcoin Cash (BCH) price

The cryptocurrency market sentiment showed positive signs after a gross domestic product (GDP) report from the United States Department of Commerce, which was released this Thursday, showed that the U.S. economy increased by 2.6% in the third quarter.

Bitcoin Cash (BCH) still remains under pressure, but if the price advances above $160, the next target could be resistance at $200. Traders should also consider that the price of Bitcoin Cash is correlated with Bitcoin, and if the price of Bitcoin jumps above $22000, we can see BCH at higher price levels.

What indicates further downfall for Bitcoin Cash (BCH)

The upside potential for BCH remains limited for November 2022, especially after comments from Goldman Sachs analysts who said that the Fed could accelerate the speed of rate hikes in light of recent economic data.

Investors are worried that an aggressive interest rate hike policy could trigger an even bigger sell-off, and in light of this, BCH might have a hard time holding above the current price levels. The price of Bitcoin Cash (BCH) currently stands at $118, but if the price drops below $100, which represents the important support level, the next target could be located around $80.

What analysts and experts say about BCH

The cryptocurrency market sentiment showed positive signs after a gross domestic product (GDP) report from the United States Department of Commerce, which was released this Thursday, showed that the U.S. economy increased by 2.6% in the third quarter. Encouraging economic data and a positive earnings outlook for many companies lifted investor risk appetite ahead of next week’s much-anticipated two-day policy meeting of the Federal Reserve.

As overall market capitalization of the cryptocurrency industry increased by 0.4% over the past 24 hours to $1 trillion, this situation also positively influenced Bitcoin Cash. Despite this, the risk of another decline for the cryptocurrency market is not over, and according to a market survey, there is an 84.5% likelihood of a fifth consecutive 75 basis point interest rate hike at the conclusion of the Fed’s Nov. 1-2 policy meeting. Goldman Sachs analysts have the opinion that the Fed could accelerate the speed of rate hikes in the light of recent economic data, while analysts at N

omura expect that the latest inflation data might prompt the central bank to implement an even bigger rate increase. Fund manager Peter Schiff said that a lack of institutional support and a strict monetary policy are inalienable parts of the bear market, which will continue for quite some time, according to the current macro environment.