Bitcoin Cash (BCH) has weakened from $719.43 to $399.22 since April 05, 2024, and the current price stands at $494. However, positive information is that there has been an increase in the number of transactions in the last several days for BCH which is something that could drive the price higher.
At the same time,on-chain analytics platform Santiment highlighted recently that the amount of non-empty stablecoin wallets is rising, indicating that more whales are loading up their bags to invest in the crypto market. But where is Bitcoin Cash’s (BCH) price going next, and what can we expect from June 2024?
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 have if trading with leverage.
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- 1 Bitcoin Cash continues to attract the interest of investors
- 2 The approval of a spot Ethereum ETF could have a positive impact on BCH
- 3 Technical analysis for Bitcoin Cash (BCH)
- 4 Important support & resistance levels for Bitcoin Cash (BCH)
- 5 What speaks for the rise in the Bitcoin Cash (BCH) price
- 6 What indicates the downfall of Bitcoin Cash (BCH)
- 7 What do analysts and experts say?
Bitcoin Cash continues to attract the interest of investors
Bitcoin Cash has established itself as one of the most valuable cryptocurrencies globally which continues to attract the interest of investors. Created by a faction of Bitcoin users, this digital currency was developed to implement specific technical changes designed to expand Bitcoin’s reach to a broader audience.
Supporters of Bitcoin Cash generally held the view that Bitcoin needed adjustments to enhance its competitiveness with conventional payment systems such as Visa and PayPal. Additionally, they supported lowering the fees users pay for transactions, preferring a model that shifts these costs to other parts of the network.
To achieve this, Bitcoin Cash modified Bitcoin’s code and released a software version with features incompatible with Bitcoin. This resulted in lower fees and the ability to process more transactions due to an increased block size. Many analysts believe that by offering cheaper transactions, Bitcoin Cash will become the preferred choice for online transactions, thereby increasing its value.
The price of Bitcoin Cash (BCH) has skyrocketed from levels that were below $350 on March 20, 2024, and it has reached levels above $700 at the beginning of April 2024. The current price of Bitcoin Cash (BCH) stands at $494, but it is important to say that there has been an increase in the number of transactions in the last several days for BCH.
The increase in trading activity demonstrates renewed interest and confidence in Bitcoin Cash, while the analyst firm Santiment recently reported that the amount of non-empty stablecoin wallets is rising, indicating that more whales are loading up their bags to invest in the crypto market. Positive information is that institutional investors are also back in the cryptocurrency market. This is evident in the fact that inflows into the Spot Bitcoin ETFs have picked up over the last two weeks. Data from Farside Investors shows that these funds have taken in almost $800 million in the last week alone.
Supply: 19,199,644 / 21,000,000
Release date: August 1, 2017
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The approval of a spot Ethereum ETF could have a positive impact on BCH
Moreover, the U.S. approved a spot Ethereum ETF (Exchange Traded Fund) on Thursday, marking a significant milestone in the cryptocurrency space. This development is anticipated to boost institutional interest even more and crypto analysts speculate that this approval could also have a positive impact on the broader cryptocurrency market, possibly leading to a market-wide surge in the coming days.
Data from the market intelligence platform IntoTheBlock also shows that Bitcoin Cash addresses holding between 1,000 and 10,000 BCH have increased accumulation which coincides with Bitcoin’s current price surge near $500. Many crypto analysts say that whales could purchase more Bitcoin Cash (BCH) in the days ahead and in light of this, Bitcoin Cash (BCH) could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.
However, investors should keep in mind that cryptocurrency markets are notoriously volatile, and there are expectations of “market turbulence” in the weeks ahead. It is still unsure how long will the Federal Reserve have to keep interest rates at restrictive levels, and in the short term, the cryptocurrency market will continue to navigate multifaceted challenges and the ebb and flow of various economic factors.
Technical analysis for Bitcoin Cash (BCH)
Bitcoin Cash (BCH) has weakened from $719.43 to $399.22 since April 05, 2024, and the current price stands at $494. However, the positive news is that the number of transactions for BCH has increased over the last several days, which could potentially drive the price higher. A break above the $500 level would indicate that BCH could probably test the price level at $550. As long the price of BCH is above the line that I marked on the chart below, there is no risk of a bigger sell-off.
Important support & resistance levels for Bitcoin Cash (BCH)
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. Bitcoin Cash (BCH) weakened from its recent highs, but if the price advances above $550, the next target could be resistance at $600. The important support level is $450, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $400. If the price drops below $400, which represents very strong support, the next target could be located around $350.
What speaks for the rise in the Bitcoin Cash (BCH) price
The cryptocurrency market has historically been known for its volatility, and while efforts were being made to stabilize the market, fluctuations are still expected to be a common occurrence. The overall sentiment on the cryptocurrency market could play a very important role in BCH’s price trajectory in the weeks ahead and the positive developments could trigger substantial price increases. An increase in the number of transactions in the last several days for BCH is something that could drive the price higher and if the price advances above $550, the next target could be resistance at $600. Traders should consider that the price of Bitcoin Cash is correlated with Bitcoin, and if the price of Bitcoin jumps above $75000, we can see BCH at higher price levels.
What indicates the downfall of Bitcoin Cash (BCH)
BCH’s ability to maintain above $450 support is very important and falling below this level could indicate the potential for an even larger sell-off. Many investors in cryptocurrencies are driven by speculation rather than fundamentals, which can lead to irrational market behavior, and crypto prices can fluctuate dramatically over short periods, leading to potential big losses. Before investing in Bitcoin Cash, it’s crucial to do your research, understand the risks, and consider your investment goals and risk tolerance. The price of Bitcoin Cash is also correlated with the price of Bitcoin, and if the price of Bitcoin drops again below the $60000 price level, that would certainly have a negative influence on the price of BCH.
What do analysts and experts say?
The price of Bitcoin Cash (BCH) has soared from below $350 on March 20, 2024, to over $700 by early April 2024. The current price of Bitcoin Cash (BCH) stands at $494, but it is important to say that there has been an increase in the number of transactions in the last several days for BCH. Positive information is that the U.S. has approved a spot Ethereum ETF (Exchange Traded Fund) on Thursday and crypto analysts expect that this approval could also have a positive impact on the broader cryptocurrency market, possibly leading to a market-wide surge in the coming days.
Analyst firm Santiment recently reported that more whales are loading up their bags to invest in the crypto market which is also positive for the price of Bitcoin Cash (BCH). Analysts and traders often closely watch the activity of crypto whales because the behavior of crypto whales can influence market sentiment. When a whale makes a substantial buy, it can be seen as a bullish sign, potentially attracting more buyers. On the other side, the U.S. central bank could keep interest rates at restrictive levels for a longer period, which is not good for risk-on assets such as cryptocurrencies, and there are expectations of “market turbulence” in the weeks ahead.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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