Bitcoin Cash (BCH) is showing a significant price increase, attracting the attention of analysts and investors. Currently, the price of the cryptocurrency has risen by 84% since the beginning of April.
Current BCH Price Trend
Currently, BCH is trading around $475. Analyst C-Zar believes that this cryptocurrency is breaking out of a multi-year consolidation range. He notes that technical indicators are aligning, pointing to improved trading volume and RSI entering overbought territory. The MACD indicators are also showing positive changes across multiple timeframes.
Short-Term Predictions
C-Zar indicates that a key resistance level is the $500 mark. He expects BCH to overcome this level, potentially reaching $600. Based on Fibonacci analysis, the analyst estimates that by the end of July, BCH could be trading between $1,300 and $1,700.
Long-Term Prospects for BCH
C-Zar believes that the current growth could mark the beginning of the most significant move in Bitcoin Cash's history. He expects BCH to potentially rise to $10,000 - $13,000 over the next year. Such a rapid increase would likely attract the attention of a broader cryptocurrency community, given that BCH serves as a viable alternative to the original Bitcoin.
In conclusion, Bitcoin Cash continues to demonstrate positive trends, opening numerous opportunities for both short-term and long-term investors. The cryptocurrency could secure a significant position in the market if the current momentum persists.
