It's tough to make a price prediction for such a volatile market. Technical analysis isn't enough. Why? To understand this, take a look at human psychology and follow the latest news about all top cryptocurrencies.
First, prices depend on Bitcoin. As it gains strength, it rushes swiftly onto the market and stimulates growth. On the other hand, it also generates a decrease for all coins. Why does this happen? People think that Bitcoin determines the market's near future.
Next, most cryptocurrencies are interdependent of each other with negative dynamics and relatively independent with positive ones. When the market falls, all currencies lose their price, but during a massive rise, each coin's price grows at its own rate.
Other influential factors are:
The latest news
Investments from well-rated companies or persons
Miner productivity
The attitude of different exchanges.
We have some thoughts about Bitcoin Cash's future price. But first, let's take a look at some predictions from popular services.
Smartereum Bitcoin Cash price prediction for 2020, 2021, 2025, 2030
Smartereum thinks that Bitcoin Cash is struggling to reach the top. Why? Because Bitcoin found some solutions for scalability: SegWit and the Lightning Network. They allowed Bitcoin to get more throughput, which means Bitcoin Cash will fall.
Nevertheless, Smartereum does think this cryptocurrency has a chance. Their prediction for the next 5 years is $10,000 for 1 BCH.
Trading Beasts Bitcoin Cash price prediction for 2020, 2021, 2025, 2030
Trading Beasts gives optimistic Bitcoin Cash price predictions. At the very beginning of 2020, they see $147 as the minimum price and $217 as the maximum. Towards the end of 2022, they predict the price to be at least $359 for 1 BCH and $529 as a maximum.
WalletInvestor Bitcoin Cash price prediction for 2020, 2021, 2025, 2030
Walletinvestor says that long-term increase in BCH is inevitable. According to their forecast, the future value of Bitcoin Cash could reach as high as $819. Their Bitcoin Cash price predictions for 2020 show growth from $208 to $362. Moreover, they believe that BCH won't crash at all and that its price won't drop. Nevertheless, they have said that BCH isn't going to replace Bitcoin any time soon.
LongForecast Bitcoin Cash price prediction for 2020, 2021, 2025, 2030
LongForecast goes with a mostly negative BCH price prediction for the coming years. They predict that the price in 2020 will open at $204 and close at $148. The worst year for Bitcoin Cash will be 2021. According to LongForecast, BCH will fall to its historical minimum of $43 per coin. Only after this, a growth of up to $245 may be observed in 2024.
DigitalCoinPrice Bitcoin Cash price prediction for 2020, 2021, 2025, 2030
Unlike LongForecast, DigitalCoinPrice has the most positive BCH price prediction. They see a fast rise of this cryptocurrency's price. They believe that in 2020, Bitcoin Cash will reach $434, and in 2025, it will be at its highest level at $941 for 1 BCH.
Bitcoin Cash general value predictions
Predictions for Bitcoin Cash could be optimistic just because it's the most successful hard fork in cryptocurrency history today. The total hashrate is 2.544 Ehash/s. This shows that mining pools believe in the future of BCH and are trying to support it. According to Coinmarketcap, the daily trading volume is over $1 billion. So, traders believe in this project, too.
BCH' fees are low again, so it could be more stable, with people completing more transactions. This could influence the positive attitude towards cryptocurrency and stimulate a small rise.
BCH prevails above fiat in some countries, especially in Australia. Forecasters rely on future projects connected with Bitcoin Cash and predict continued growth. We can also see a chance for better price performance in 2020.
Bitcoin Cash's productivity depends on miners' activity. The network's complexity is increasing, so miners have to spend more resources to work effectively. Some of them will give up on this idea for the hashrate to decrease. This will hurt transaction rates followed by a fall in BCH's price.
The same goes for security issues. If miners are reluctant to use their high hashing power, that 51% possibility of an attack will grow. Someone with great resources could have the ability to control the BCH chain and use it for their own needs.
How high can Bitcoin Cash go?
It depends on whether Bitcoin Cash will destroy Bitcoin. It's hard to answer this question. BCH can be scaled much higher than Bitcoin. Still, it has its flaws too: security and interdependence with other alternative coins.
Bitcoin will not die anytime soon because it's needed to exchange most cryptocurrencies on most exchanges. If Bitcoin crashes shortly, the whole market will fall. While the need for BTC exists, neither Bitcoin Cash nor other altcoins can overtake the market.
Next, BCH is dependent on Bitmain, which provides the biggest support for this cryptocurrency. Because of this, BCH can't go very high. If Bitmain changes their favourites, Bitcoin Cash will lose its positions.
Therefore, we can't give a forecast for the highest Bitcoin Cash price because it has many variables affecting it. However, we do believe that it will rise to $500 in the next five years.
BCH Price prediction today
These days, the whole crypto market is bearish. Traders are mostly selling Bitcoin Cash. That is why the BCH price prediction today is quite gloomy. In the coming days, the price will fall. There are some bullish reversals, but it won't be enough for a significant rise.
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Source: https://stormgain.com/blog/bch-price-prediction