Bitcoin Cash Price Skyrockets to 8-Month High – What’s Next?
Highlights
- Bitcoin Cash price surged to an 8-month high, fueled by a 75% surge in just three months.
- With high trading volume and OI, fueled by potential Fed rate cuts and a strong technical breakout, BCH is in demand.
- Analysts predict the BCH price could rally to $1,700, citing bullish momentum and capital inflow.
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)
1. What is the market position of Bitcoin Cash?
2. Could Bitcoin Cash price reach $1,700?
3. What could risk the BCH price rally?
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