Bitcoin Cash (BCH) is gearing up for its upcoming halving event, a common phenomenon for Proof of Work (PoW) altcoins. This event is expected to occur sometime between April 20-22. Recently, the price of BCH soared from $348 to over $600 within a short period of time, primarily due to the anticipation of the halving. Additionally, the Commodity Futures Trading Commission (CFTC) certifying BCH as a commodity contributed to the price surge. Coinbase is likely to introduce derivative services for BCH in April with CFTC approval, potentially easing concerns about securities regulations. This move could attract more institutional interest, especially since other platforms have faced delisting threats in recent times.

With the halving approaching, BCH's price is on an upward trend, bolstered by growing interest in futures trading. If this momentum continues, BCH may retest the $641 level it recently reached, with potential targets at $730 and $1000. The most optimistic scenario aims for a peak of $1,649, as chart projections suggest possible closures above $435 could drive the price to $680 and $1,343. However, a drop below the long-term resistance line, with closures under $435, may lead to a price decline to $265. Despite the looming halving, a 'sell the news' event has not materialized yet, indicating BCH's price could remain volatile in the week ahead.

This article first appeared on COINTURK NEWS: Bitcoin Cash Halving Spurs Price Surge