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Bitcoin Cash price analysis: BCH/USD overwhelmed by selling pressure; reversal ongoing

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  • BCH/USD ongoing correction has brought to an end the bullish momentum towards $400.
  • Higher consolidation expected for Bitcoin Cash price: Moving averages suggest.

The bear pressure affecting Bitcoin is finally catching up with Bitcoin Cash(BCH). The crypto managed

to extend the weekend winning streak from the weekend low around $302.38 to a weekly high at $358.49. The initial break above the 50 Simple Moving Average (SMA) at $318 clearly signaled for more buying entries. Tremendous support occurred on stepping above the 100 SMA as well.

However, the ongoing correction has brought to an end the bullish momentum. In fact, the price is currently exploring the levels below the ascending channel. If the 50 SMA fails to hold the declines, expect BitcoinCash to test the short-term support at $335.

Meanwhile, the longer-term 100 SMA is in line to defend the next support target around $330. In addition to that, traders need to be on the lookout for other lower support zones ranging from $325, $320, and $300 – $305.

In a technical perspective, this reversal is not the end of the bullish trip towards $400. For instance, the 50 SMA double-cross above the 100 SMA at 323.81 hints a higher consolidation for BCH. Besides, the wide gap between the moving averages suggests the buyers have influence over the price in the current session. On the downside, the full stochastic oscillator is dipping into the oversold. This means that the path of least resistance is downward. However, on hitting oversold levels we can expect a reversal of the price.

BCH/USD 1-hour chart


Source:.fxstreet

Bitcoin Cash

Bitcoin Cash Price Prediction 2020 | 2025 | 2030 – Future Forecast For BCH Price

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In this guide, we will voice our own and market’s opinion on BCH future while discussing Bitcoin cash price forecast for 2019 and beyond.

Since 2019 is almost up, Bitcoin Cash price prediction 2020 is much more interesting so we made sure to include that forecast as well, just make sure to read until the end.

Now, let’s head into it.

Before we delve deep into the BCH price prediction and answer questions if Bitcoin Cash is a good investment or not, why will BCH succeed or fail or while will BCH price rise or drop, let’s quickly throw a glance at what is Bitcoin Cash and its to date history.

Content

Bitcoin Cash Intro

In mid-2017, a group of developers wanting to increase bitcoin’s block size limit prepared a code change. The change, called a hard fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.

Bitcoin Cash (“Bcash”) was created out of tension among early Bitcoin investors over rising transaction fees and increasingly divergent opinions on the best on-chain scaling solutions for Bitcoin. Bitcoin Cash also prioritizes strict adherence to what is called Satoshi’s “vision” for the original Bitcoin. Viewing peer to peer transactions as the core value proposition of the network and the factor that should be optimized versus other competing factors like security.

It differs from the other versions in that in enabled the increase of the block size from one MB to eight MB. It’s overall goal is to increase the number of transactions that can be processed by the network, hoping that Bitcoin Cash will be able to compete with the volume of transactions that industry giants like PayPal and Visa can currently process.

Bitcoin Cash is one of the largest cryptocurrency projects measured by market cap and is fighting EOS and LTC for the 4th spot.

BCH Roadmap for 2019

The official bitcoincash.org website states that Bitcoin Cash is set out to achieve three goals:

The needed technical improvements can be divided into three categories:

  1. Enable Bitcoin Cash to scale from ~100 Tx/s to over 5,000,000 Tx/s. Protocol improvements must be made so that mass-parallelization can enable this level of transaction processing.
  2. Improving the payment experience to ensure that it is instant and reliable. Transactions should be secure within three seconds.
  3. Make Bitcoin Cash extensible. An extensible protocol makes future improvements less disruptive, and provides a solid base for businesses and developers to build on.

You can see a complete roadmap on the image below or by clicking here.


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Our Bitcoin Cash Price Prediction for 2019

BCH, as the rest of the cryptocurrency market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, BCH can hope for one as well. Since that is very unlikely, don’t expect much to change for BCH price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.

What does Cardano future look like? See our ADA Price Prediction 2019

To summarize, Bitcoin is the focal point of the cryptocurrency market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.

The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the cryptocurrency market. 

Vitalik Buterin, co-founder of Ethereum said:

“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”

Long-term Price Prediction for BCH

As a result, over 95% of cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will BCH be among those 5%?

An examination of the available 600+ days worth of data on the bitcoin cash blockchain shows that despite the impassioned arguments and big promises made about its 8 MB block size, it has never come close to filling out this capacity.
Bitcoin Cash still remains far behind Bitcoin not only in proportional terms but also in absolute terms as both miners and consumers have overwhelmingly chosen to remain with Bitcoin. The data shows that far from filling out or even getting anywhere close to its 8 MB block size, BCH has averaged a block size of merely 171 KB since the August 2017 fork. Bitcoin, by comparison, has averaged about 934 KB of its 1 MB block capacity over the past month. In other words, BCH is utilizing just about 2.1 percent of its block capacity.

It appears to be a failed experiment now that Lightning Network is maturing. BTC invested in a layer 2 solution and BCH invested in marketing to deceive new investors and mostly attacking BTC. And that backfired as the market clearly signaled which coin is seen as the “real” bitcoin and which one is relegated to the status of a mere altcoin.

Additionally, Bitcoin Cash network security is in a constant threat of reorg and 51% attack as its hashrate is couple of orders of magnitude lower than bitcoin’s.

All of this indicates that

Bitcoin Cash has low probability of succeeding in its original intention but it not all is doomsday for the project. It can still pivot into being something different than bitcoin, especially as the project leaders show more agility in making changes than the bitcoin core camp. This proclivity to implementing changes and new features could be an advantage for BCH going forward.

Why will BCH succeed?

Reasons for BCH to go up and rise in price are not to be ignored. Most notable possible success propellers of BCH: cheap and fast transactions and quicker, nimbler improvements implementation.

Transactions are extremely cheap on BCH, online businesses and merchant accounts can integrate it relatively easily and seize the an opportunity to transact for a median price of $0.05 per transaction, saving heavily on merchant fees and third party implementations.

When the Bitcoin network is saturated with an overwhelming flood of transactions, wait times can be longer and transaction fees can cost its users more – Bitcoin Cash instead accommodates users with faster transactions and cheaper fees. 

Why will BCH fail?

Price analysis or technical analysis won’t be able to tell you this. You have to look at the fundamentals to asses future price and decide if the project has bright future.

Small warchest to fund their roadmap, team fatigue or infights or rogue member that could disrupt the development are all possibilities that could lead to BCH failure. However, the biggest threat to BCH is one of their biggest advantages: their attempted use case. It could very well be that the lack of identity and botched hijack of bitcoin’s brand ricochet and end up hurting bitcoin cash in the end.

The whole project is frail as it essentially depends on the benevolence of couple of individuals: primarily Roger Ver and then Bitmain’s Jihan Wu. Should these two, for any reason whatsoever, decide to direct their wealth and clout into something else, BCH will sink in a Bitconnect-like fashion.

Bitcoin Cash is being pushed primarily by miners (Jihan Wu and his clan) that are able to use the ASIC exploit to their advantage. Bitmain in particular would prefer to see larger blocks that keep the ASIC exploit in order to be more profitable. The preserving of this exploit that the Chinese miners have invested so much money into is a key feature of Bitcoin Cash as it keeps their advantage alive. 

Probability of this happening is quite high and this makes investing in BCH highly risky undertaking.

Is BCH dead?

Another question pertinent to Bitcoin Cash price prediction is: is the project dead already? The answer is no, or not yet.

No, judging by the team activity on social media, github, their own website. Their communities on Reddit and Telegram are also active, although much lower engagement levels are noticeable when compared to 2017. Coin is also still listed on all major exchanges which indicates that BCH is far from a dead project.



All we wrote in this Bitcoin Cash price prediction, summed up means one thing: BCH might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.

Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect BCH will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.

Market prediction for Bitcoin Cash – BCH Price 2019

With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.

Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the BCH price, which will give us another point of view to consider:

Wallet Investor

Walletinvestor is a popular website that does technical analysis based price predictions of various cryptocurrencies. According to them, BCH is expected to drop heavily to $75 per token in one year.

Trading Beasts

Trading beasts also have their own algo that does technical analysis and postulates that BCH can rocket to around $396 within a year which means it can roughly reach about $2,760 by 2020.

Cryptoground

Cryptoground predicts that BCH might rise to $560 by the end of 2019. They even added their version of BCH price prediction 2024, where they stated that BCH might reach $3,310 by 2024.

DigitalCoinPrice

Digitalcoinprice gave a slightly positive prediction saying that by 2019 end, BCH might be two times more worth than now – $566 per coin.

BCH Future: 2020, 2023, 2025

BCH Price Prediction 2020

BCH (BCH) has been one of the most contentious blockchains ever since its inception. However, the team kept working on their network and the project still seems to have some kind of a future, although the whole story and team behind it are fickle. In 2020, once the market wipes out the worthless projects, BCH might be still alive but the price could be far lower than now.

BCH Price Prediction 2023

If BCH survives to see 2023, that would mean the project stood the test of time and user adoption is growing, which would all lead to the token being worth at least 10-100x than its hitherto all time high. That would mean BCH would cost $43k+ per coin.

BCH Price Prediction 2025

Similarly to 2023, if BCH survives to see 2025, that would mean the project stood the test of time and user adoption is growing, which would all lead to the token being worth at least 100x+ than its hitherto all time high. That would mean BCH would cost at least $430k+ per coin.

Realistic BCH Price Prediction

Predicting prices of novel, highly volatile and risky asset classes is a thankless task – best answer is no one knows. Educated guess is that realistic BCH price for the foreseeable future is somewhere between its current price and its all time high.

FAQs

Will Bitcoin Cash rise again?

BCH is tied at the hip of bitcoin and by extension of the whole market. If bitcoin surges again, it will pull BCH and other altcoins along with it which would mean – yes, BCH will rise again.
Why Bitcoin Cash is falling?

Because the whole market is in a slump. Additionally, BCH has had some issues with miner centralization and lack of actual use cases which lead to its reputational decline and hence, diminished speculative value.Why Bitcoin Cash is better than Bitcoin?

Those who claim this usually emphasize its lower fees and faster transaction times as major advantages over the crypto king – Bitcoin. However, these two alleged improvements come with a huge drawback in the sense of diminished network decentralization and technical instability (due to the untested code releases and hectic approach that prioritizes speed over security).

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Bitcoin Cash

Bitcoin Cash not capable of attracting investors for now: Report

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Recently, Falcon Private Bank published the latest edition of the Falcon Crypto Monthly report, a publication that addressed Bitcoin and altcoin market movements over the last month and derived insights through technical analysis of the data.

According to the report, the cryptocurrency market failed to consolidate above important support levels in November, trading just below a $200 billion market cap. Bitcoin‘s dominance fell to 66.7% last month, with over $40 billion being erased from the overall market capitalization, according to CoinMarketCap.

The report also noted how a majority of the top 20 cryptocurrencies fell by 20% on average in November, with BCH losing 23% and XRP losing 23.6% of their values. Ethereum was shown to have been unable to stay above the $160 support, despite positive news stemming from the highly anticipated Istanbul hard fork.

“Although the ETH price did not react as much as investors would have wanted, Ethereum is on track

to achieve technologically, what they have planned.”

Having traded above the $0.30 mark in early November, the report pointed out how XRP had touched a new yearly low at $0.207 towards the end of the month, despite Ripple announcing its increase of equity stake in MoneyGram International. Bitcoin Cash was also shown to have followed in the same footsteps as its brethren, having gone through a steady price decline, while eventually finding support above the $200 mark. Despite a successful network protocol upgrade in November, price action around the event was reportedly muted, highlighting that BCH was “apparently not capable [of attracting] more investors for the time being.”

The Falcon report also spoke about how the last quarter of 2019 had been disappointing for cryptocurrency investors, with the total market cap losing 50% compared to 2019’s high which was recorded to be $386 billion. According to the report, the total market cap found some support above the $195 billion mark, going on to predict that it in a worst-case scenario, it will only drop to as low $180 billion.

Subsequently, the report mentioned that the market had experienced a steady decline and loss of interest from investors since July, with cryptocurrencies in 2019 showing less volatility than in previous years. Further, Falcon recommended investors stay cautious as the year-end approaches due to higher volatility and reduced liquidity trends that tend to happen around this time of year. These trends, by themselves, could trigger unpredictable movements, the report added.

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Bitcoin Cash Technical Analysis: BCH/USD sitting on critical weekly support a breach is eyed

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  • Bitcoin Cash price is trading in the green, with gains of 2.10% in the second half of the session.
  • BCH/USD is sitting on critical weekly support at $208, ahead of of psychological $200 mark. 
  • Price action is moving within consolidation mode, vulnerable to further downside risks. 

BCH/USD weekly chart

The price is running at its second consecutive week in the red, trading just above vital support at $208. 

BCH/USD daily chart

Daily trading conditions remain very much narrow, which has been the case since 23 November. An explosive breakout does appear to be imminent. 

Spot rate:                 211.11

Relative change:      +2.10%

High:                          209.10

Low:                      

    206.00

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