According to Coingecko, Bitcoin Cash (BCH) remains in its 5th rank among the leading cryptocurrencies by market capitalization. At the time of writing, it records a 59.8% annual gain at the price of $343.65.
Is BCH a good investment in 2021? For a favorable Bitcoin Cash price prediction, let us look at how BCH performed in 2020.
Based on the Bitcoin Cash price chart, BCH reached its local high price of roughly $500 in February 2020. During this time, BCH is up 153% since January 1, 2019, when the BCH price is $168 per unit. Accordingly, the BCH market cap then was hovering at around $8 billion.
Unsurprisingly, during the Crypto Black Thursday phenomenon in March, BCH price dipped to its local lowest of under $150. Since then, the Bitcoin cash price prediction ranges from support and resistance levels of $200 – $300.
Last weekend, BCH sunk after its hard fork. Its price fell from $255 to $240, marking a 5% decrease. Today’s price increase marks the recovery as the hard fork temporarily depressed the BCH price.
Bitcoin Cash Price Prediction
So far, the BCH price prediction is leaning to a bullish sentiment; at least until the early months of 2021. Bitcoin Cash has begun to show signs of life after a prolonged consolidation period during the month of November. This is after an unsustained breakout between February to March as well as August to September.
From a macro perspective, the strong resistance levels successfully challenged by Bitcoin Cash bulls are at $320 and $340. In spite of this, a conservative Bitcoin Cash price prediction for 2021 is $250. This is taking into consideration any sudden fluctuations in the market.
On the other hand, the result of the recent hard fork may further affect the BCH price in the long run. Hence, the bullish BCH price prediction for 2021 is $400.