Bitcoin Cash price recently broke multiple resistance levels, hitting an 8-month high today. With a serious BCH price uptrend since the beginning of the month, the token hit $526.5 today and is still maintaining a similar level. However, as the bullishness forms, experts believe the momentum could build higher. Let’s discuss.
Why Did Bitcoin Cash Price Hit Multi-Month High Today?
With a 75% surge in the last three months, the Bitcoin Cash price currently stands at $521.15 with a market capitalization of $10.36B. With that, it is the 12th biggest cryptocurrency of the market and has high investor demand, trading volume up 70% today, pushing the value to $642.81M.
Notably, this surge has made it the best performer of the crypto market, and the rally is due to the growing optimism on the Fed rate cuts this July. Despite Fed’s unchanged rates in June, the confidence is building for July and upcoming months as Jerome Powell is facing extreme political pressure.
Additionally, the BCH price chart shows a bullish pattern breakout, as it is pressing against the upper boundary of the falling channel. With strong support and technical factors favoring a surge, the token is gaining upward momentum.
Bitcoin Cash Price to Hit $1,700 Next
With a key breakout above $500, the next psychological resistance is past the $600 mark. This means that the token has a resistance-free surge opportunity. As the investors’ buying sentiments are intact, i.e., the trading volume is up 70% and OI is up 26% to $572.23M, a further uptrend is expected.
This is because the capital inflow is rising in the token. Moreover, the Coinglass data reveals that more shorts are getting liquidated than longs, so a short squeeze is likely to happen. Adding to this, experts see the token surpassing the $600 mark in the short term.
Crypto analysts like Smith have already predicted a massive BCH price rally, as the chart presents the 208% pump option. With that, he has predicted a rally to $1,700 in the long term, nearly thrice the current level.
However, market volatility and other macroeconomic events could disrupt this trajectory; therefore, further analysis is necessary.
Frequently Asked Questions (FAQs)
With a market capitalization of $10.36 billion, Bitcoin Cash is the 12th biggest cryptocurrency in the market.
Some crypto analysts like Smith predict a long-term rally to $1,700 with a 208% price jump.
Crypto market volatility, shifting investor sentiments, and macroeconomic developments could impact the BCH price rally.
Pooja Khardia
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.
Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights.
Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry.
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