In this Bitcoin Cash price prediction, we will be looking at some past price trends, market analysis, important news that may affect the price of the asset, and many other aspects that an investor should consider. Currently, BCH has a market capitalization of $9,819,345,356, a circulating supply of 18,781,987 BCH, and a maximum supply of 21,000,000 BCH.
Bitcoin Cash Price Prediction: Technical Analysis
Bitcoin Cash traced its roots to 2017, when it became an instant alternative to Bitcoin as most people couldn’t afford BTC at the time. Though it started at lows of around $540, it managed to rise exponentially within a short duration touching its ATH of around $3,653 since inception. Despite going through ups and downs throughout the year, it remained a lucrative investment. Although investors expected the price to drop significantly as that of its mother BTC, it remained fair.
Since 2007, a lot of changes have occurred, and prices have been oscillating. In late 2020, the coin picked its bullish trend and started recording impressive gains from late December, which continued to mid-January when the coin touched a price of above the $600 mark.
However, the bulls failed to maintain the price, and it dipped until February 28, when the coin started breaking out. In early April, The BCH price experienced a major breakout, touching the $680 mark, a significant gain from its two-week low of around $480.
May was the best moment for Bitcoin Cash. Investors, in anticipation of the May 15 network upgrade, trooped to buy the asset, and the increased demand saw BCH climb to highs of around $1600.
Bitcoin Cash Price Prediction: Market Opinions
In our Bitcoin Cash price prediction 2021, we will evaluate what other cryptocurrency prediction sites are forecasting. We will also look at the perspectives of prominent influencers. Moreover, we will undertake our independent analysis and provide an informed Bitcoin Cash price prediction for this year.
Price Prediction Sites
Walletinvestor is not very bullish about the prospect of BCH within the year 2021. They foresee the crypto gaining slowing to almost hitting the $1000 mark by the close of the year.
Tradingbeasts‘s Bitcoin Cash Price prediction shows that the price will hit a maximum price of $686.659 in July 2021. The expected minimum and maximum prices at the time will be $485.750 and $714.338, respectively.
At the commencement of December, the forecasted price will be $578.638. The expected minimum and maximum at the time will be $491.842 and $723.297, respectively.
|Month||Minimum Price||Maximum Price||Average Price||Change|
|July 2021||466.928||686.659||549.328||-8.98 %|
|August 2021||471.924||694.006||555.205||-8.00 %|
|September 2021||476.984||701.446||561.157||-7.02 %|
|October 2021||481.905||708.683||566.947||-6.06 %|
|November 2021||486.979||716.145||572.916||-5.07 %|
|December 2021||491.842||723.297||578.638||-4.12 %|
The forecasting site‘s Bitcoin cash price prediction indicates that the price of BCH in July will be $543.358. The least price will be $461.8543, and the best price will be $624.8617. At the close of the month, the price will slightly nosedive to $518.301, with the best possible price and the least possible being $596.14965 and $440.63235, respectively.
In their annual forecast, the prediction site is very pessimistic, showing that BCH will close at $144.344.
They are optimistic, saying that the price of BCH will hit $1418.17 this year, which is the most optimistic case. In the worst-case scenario, it will plummet to lows of $655.440 by the end of 2021.
Cryptocurrency Experts and Influencers
Crypto expert and trader, which is going by the Twitter handle Marketc12, recently tweeted a technical analysis showing the trading range narrowing and pointed out that BCH has to break the downward line to start a bearish trend.
Another cryptocurrency trader by the name the Twitter handle Trader Fred is optimistic that the price of BCH is headed to the $969 range if it manages to hold within the $601.93 support level.
A formidable personality and co-founder of Satoshi’s Angels has been very prolific in promoting BCH, especially among the Chinese and Japanese community through sensitizing them on its relevance.
Also, some investors, such as Josh Green, Roger Ver, George Donnelly, and Shomari Prince, have been very prolific in advocating for the wide-scale adoption of BCH, by advocating its unique features. Actually, they have a 37-minute film on YouTube that explains their preference for the blockchain.
Latest News and Happenings Concerning Bitcoin Cash
Although most people initially thought that BCH would be a competitor to BTC, the time has revealed that the former benefits a lot from any development on Bitcoin. Recently, we saw that Elalvador accepts BTC as legal tender. The repercussions of that development will slowly become visible in the trading volumes of the coin.
Although BCH hasn’t received wide usage as BTC, it is much cheaper to transact. Actually, the average transaction fee on the Bitcoin network is over $17, which is way beyond the paltry $0.0033 incurred with Bitcoin Cash.
Bitcoin Cash Price Prediction: Verdict
Having reviewed all the opinions from influencers and prediction sites, we can now comfortably make our BCH prediction for 2021 without any worries. Bitcoin Cash is a strong currency that is linked to BTC because of the psychological impact people attach to it – it has a lower value and utility than BTC. Therefore, in our Bitcoin Cash prediction, we are bullish about the coin’s future this year because technical and fundamental trends favor it in the near, medium, and long-term.