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- BCH price attempts to crawl back after a dip of 45% seems a futile exercise while going back to lower levels
- The stock to flow ratio for the BCH price is 48.9. Meanwhile, the technical indicators do not show any sign of a bullish move.
BCH Price Forecasts An Strong Uptrend
Bitcoin cash was launched as a hard fork for BTC to solve the scalability problems. BCH price forecast a gain of 143% since its inception and is currently running for more. The difficulty level of BCH is around the value of 187.93G with a profitability of $0.4031 with a hash rate of 1Thash/sec. BCH is highly correlated with BTC and expects to grow further up to $4734 by the end of this year or mid of next year.
BCH is currently ranked at 13, with a market capitalization of $10,956,071,327. The volume ($10,956,071,327) of the coin has seen an increase of 77% in the 24-hour time frame.
What Does The S2F Model Tell About The BCH Price Forecast
The S2F model is used for essential commodities like gold and silver. It tells about how much time the commodity will take to dig up again if it suddenly vanishes. The S2F number for the gold is 60, and the BTC number is 51.2 after the halving. If we adjust the network’s correlation factor and difficulty level, we find that BCH S2F ratio would be 38. If we use the same formula as per the BTC with some twitch in the case of BCH, then one can find that it has potential for $4700.The exact date for it would be difficult to predict, but it can be said that the price can achieve these within a span of 1 to 2 years.
Technical Indicators Hints A Dip In BCH Price Forecast
The weekly technical chart for BCH showcases a consolidated momentum. On coming to the daily chart, the BCH price is not showing any sign of positive recovery. Bitcoin cash price is trading below 50 and above 100 Moving Average. The 50 MA price is at $550.1, making it a temporary resistance for the coin. The coin’s resistance on the upside will be at the value of $580, and on the downside, it will see a bounce back from $500.
RSI(Bearish): It is currently trailing at 46.6, showcasing its presence in the Neutral zone. There is a negative slope in the RSI, which hints at the bearish momentum. If it crosses above the threshold of 60, then a strong bullish rally can be seen.
Conclusion
BCH price forecasts a strong uptrend. Moreover, BCH price can reach up to $2500 up until the end of this bull season. BCH/BTC pair can also see a strong uptrend. An Investor should do their due diligence before investing.
Technical Levels
Major Support: $500
Major Resistance: $580
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
