BCH Price Analysis: Bitcoin Cash Takes Off!
Bitcoin Cash Outperformed In 2023 - The Case For A New ATH In 2024
Bitcoin Cash was one of the most profitable cryptos for 2023.
During a period when the market was stagnant, Bitcoin Cash managed to attract investors and deliver consistent high returns, indicating a promising outlook for the cryptocurrency in 2024.
With new developments, on-chain smart contracts, increasing merchant and user adoption, and a community consisting of Bitcoin OGs, Bitcoin Cash is heading into 2024 with the best possible odds.
This story is not financial advice and prices of cryptocurrencies are volatile, it is always important to make strategic moves when we observe significant opportunities on the horizon.
Bitcoin Cash TA
It is important to mention that while technical analysis (TA) can offer valuable insights into potential trends and entry points in cryptocurrency markets, it’s equally crucial to understand its limitations and the uncertainty associated with the cryptocurrency market.
Therefore, always exercise caution and do your own research before making any investment decisions.
The chart presents a positive momentum as BCH seems to be heading to retest the $300 resistance.
Bitcoin Cash (BCH) has experienced a remarkable uptrend, surging by an impressive 185% this year, while analysts are fascinated by the uncorrelated behavior with the broader crypto market.
A notable factor contributing to this surge was BCH being severely undervalued and for an extended period hovering around the $100 mark.
All the fundamentals were there for a $BCH explosive price growth, and perhaps the next best time to buy will be at $300.
In June, we saw BCH break past the $300 resistance level, but it was only temporary, therefore, we have to consider $300 as a strong resistance. However, if this resistance is successfully broken, it has the potential to lead a new ATH by 2024.
A strong upside momentum similar to June 2023, can propel the price to $465 as the next resistance level, although when $300 is secured as a new support line, the actual breakout will be above $1000.
The ATH of 2018 was around $4000, although probably that price did not last for more than a couple of hours and was mostly an effect of a poor placement on Coinbase after listing it.
$2000 is probably the price that represents the actual ATH of BCH in 2018.
The previous $BCH bull run was cut short due to the Chinese ban on mining. Bitcoin Cash touched $1700, yet it only stopped there because of the violent conditions in the market that initiated a new bear market earlier than anticipated (May 2021).
Institutions Are Buying Bitcoin Cash
Bitcoin Cash is not a security, end of story.
Ethereum and Bitcoin Cash will most likely follow after the SEC accepts the first Bitcoin BTC ETFs.
Bitcoin Cash is one of the four top cryptocurrencies under several conditions.
Institutions demand exposure to the top cryptocurrencies and not just Bitcoin BTC, with Bitcoin Cash positioning itself as a leading digital asset.
Financial platforms offering Bitcoin Cash investing products:
Grayscale (BCHG)
JPMorgan Chase & Co. (USA)
SBI Holdings (Japan)
Interactive Brokers (currently for USA customers only)
Bancolombia (Colombia)
US Bank (US)
NuBank (Brazil)
EDX (delisted recently)
21 Shares (Europe)
Payment processors utilizing Bitcoin Cash:
Companies and platforms that adopted Bitcoin Cash for payments:
Anything dubbed as security will require a considerably different approach, with a centralized entity providing accounting books, revenue streams, and other financial data to the SEC.
This would include a lot of regulatory burden but will mostly be an issue for centralized cryptos or platforms that only present the case of decentralization as a marketing strategy.
As for Bitcoin Cash, it has been established that it is not a security, which is good news for its users and investors.
In Conclusion
Bitcoin Cash’s recent surge, coupled with its historical undervaluation, presents an intriguing opportunity.
We monitor the $300 resistance level and the establishment of support at this level as a critical factor for further price growth.
Bitcoin Cash is considered a cryptocurrency with robust fundamentals and a well-established brand that appeals to both retail and institutional investors.
Considering these key factors is essential to make informed investment decisions.
Cover Picture on Pixabay
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