Bitcoin Cash To Past 2021's High: Can We Now See BCH Over $2,000?
It has been almost a year by now when Bitcoin Cash almost reached $2,000 mark during its bull run on April 2021. Bitcoin Cash was almost like unstoppable at that time that it looks like it only needed a little more time to sit at $2,000 price after it reached $1,700. However, the bull market reached the 2021 peak and most cryptocurrencies were slowly losing its value as the trend was going down, and of course Bitcoin Cash was not an exception and the anticipated price of $2,000 for Bitcoin Cash was halted.
After its peak on 2021, Bitcoin Cash was slowly losing more of its value that it even went below $300 and got out in the top 10 in the total cryptocurrency ranking. However, even though Bitcoin Cash experienced once again a huge drop, its adoption still continues to expand around the globe and nothing can stop it to be accessible and accepted by the world.
Will $2,000 Be Possible In 2022?
With the current price of Bitcoin Cash of just over $380, seeking the price of $2,000 still seems blurry and reaching that price can't easily be at one go. Like in 2020 where Bitcoin Cash was just around $300 in the 4th quarter and it took just almost 6 months to reach its high on 2021, there is still no assurance that Bitcoin Cash will perform the same.
Using my own technical analysis, on its Daily Timeframe, Bitcoin Cash has a pending breakout on its resistance at $404. Breaking this huge resistance will give chance for Bitcoin Cash to reach $485 in the coming days or weeks. If the market won't turn against it, 1 month is already too far for it to break the $404 resistance and test the $485 resistance.
On its weekly timeframe, the biggest resistance for Bitcoin Cash is $790 where it was strong rejected on the 3rd quarter of 2021. This rejection served as a critical resistance for Bitcoin Cash to decide if Bitcoin Cash will be strong enough to go back above $1,000. And if Bitcoin Cash managed to break all of those resistances, the demands for Bitcoin Cash will be even greater than during its run on April 2021. The last resistance of Bitcoin Cash, which is $1,700 won't be a hard a resistance to break since it was already anticipated in the past and once that happens, $2,000 will easily be achieve and Bitcoin Cash will likely to slow down for a bit to create an accumulation phase for another run.
Bitcoin Cash as Legal Tender?
One reason why I'm so bullish with Bitcoin Cash for this year was because of the recent news that one country wants to make Bitcoin Cash as a legal tender.
A huge personality in St. Maarten, Rolando Brison plans on a accepting Bitcoin Cash BCH to paid as his salary. He also started exploring all the legislations available for the country to make Bitcoin Cash as their legal tender.
BCH Price Correlates With BTC.
If you don't know this, most cryptocurrencies in the space correlates with Bitcoin BTC in terms of its price. This is a sad fact but whatever Bitcoin BTC is facing, no matter how good or bad it is, other coins will surely receive an impact from it through prices.
As of this moment, Bitcoin BTC is gaining momentum and just a thousand dollars away to once again reached its $50,000 price. It looks like bulls were in control and with no assurance, a revisiting an all-time high is likely possible.
The price movement of Bitcoin BTC has also impacted the price of Bitcoin Cash BCH. Lots of positivity in the market and Bitcoin Cash is reacting to it and slowly making a move regain its past value.
As a trader, I believe in this crypto movement of how money flows in cryptocurrency;
Bitcoin BTC
Large Caps
Micro caps
Low caps
Bitcoin Cash is a large cap cryptocurrency and whenever Bitcoin finishes its run, traders will most likely find a good alternative kind of money which is fundamentally great but undervalued. Bitcoin Cash is great candidate, and as a large cap, surely huge money will flow into Bitcoin Cash and in no time Bitcoin Cash will be seen at a good valuation once again.
Conclusion.
It's only a matter of time, but Bitcoin Cash will eventually regain its 4 digit price once again. The first quarter of 2022 shows a sign at a bull market is ahead of us and all we needed to do is to accumulate the coin we love and hodl it till then if you want.
Reading this kind of article boost my trust and passion to BCH too since I don't know how it moved before Sept 2021, I just met it that month. If my intuition is right also, by us accumulating more BCH now then by June, we will see great high price again. Hope so! We'll be more than happy to see that 1000$+ full blown again. Hush, hush.