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- Bitcoin Cash recorded a 10 percent surge in the last 24 hours to hit $250.93 as of press time.
- An analyst expects the price to hit $300 once critical resistance levels get broken, however, there could be a downward trend if sellers seize control over the market.
Bitcoin Cash (BCH), one of the most undervalued cryptos in the market has recorded a whopping surge of 10 percent in the last 24 hours according to market data. Interestingly, it formed a base around the $220 price level, then continued a steady increase to break the $225 resistance level following a bullish score of 84/100. Its weekly gain is currently around 12 percent. Analysts also observed that a key bearish trend line with resistance near $225 on the 4-hour chart of the BCH/USD pair was broken.
After this “drama”, new resistance was set at $232 and $245, however, increasing buying pressure took the price above these zones, and proceeded to hit $255. As of press time, Bitcoin Cash was trading at $250.93. Currently, all indications show that the bullish trend will continue as there are positive signs around the 100 simple moving average (4 hours). The Fib retracement level is also reading 23.6 percent of the upward move from the $219 swing low to the $255 high. Currently, a major resistance is fixed at the $255 price point.
More on the Bitcoin Cash Price Analysis
According to analysts, Bitcoin Cash could target another resistance at 265 once it breaches the current one. Analysts expect the price to proceed to the $280 level before making another significant surge to hit $300. Interestingly, short-term investors who bought the peak could be “licking their wounds” if sellers resist the price at $255. This could send the asset to $245 according to reports.
From here, the asset could rely on the $232 support or the “61.8 percent Fib retracement level of the upward move from the $219 swing low to the $255 high.” Bulls could seize control of the market from this point according to the analysts. If bulls fail to seize control at $232, Bitcoin Cash may drop further to $222 before settling on $220 as its new support level.
A current look at the 4-hour MACD shows that the BCH/USD is gaining momentum for a bullish run. The 4-hour Relative Strength Index (RSI) also shows that the reading is currently in the overbought zone.
A price prediction platform has predicted that Bitcoin Cash could finish the year with a minimum price of $294.16. On average, the price has been predicted to finish the year at $367.70. However, the analysts believe that Bitcoin Cash has the potential to go as high as $441.24 by December 31.
The general surge of price within the crypto ecosystem has been linked to the recent spot Bitcoin ETF early decision made by the US Securities and Exchange Commission. According to Bloomberg’s James Seyffart, this is a positive sign.
Going super early on Franklin today (and potentially @hashdex coming too?) would set things up for a full wave of approvals in early January. Might be the reasoning?…Okay. This delay on @hashdex all but confirms for me that this was likely a move to line every applicant up for potential approval by the Jan 10, 2024 deadline.
