Our Bitcoin Cash price prediction is still bearish as the coin has failed to show any strength. BCH price appears to be in a constant downtrend, making new lows every week. While many altcoins have found short-term support, Bitcoin Cash is still struggling to stay above $100. Nevertheless, at the time of writing, the price is trading at $103.25, which is still 87% down from last year’s high of $785.
Most altcoins have shown bearish price action this week, after the release of record-breaking CPI numbers. The markets reacted to the highest inflation in 4 decades immediately as the Bitcoin price fell below $20,000. Bitcoin Cash price also tagged the lows of $95.15 as the inflation-induced panic selling intensified. Nevertheless, the prices are recovering now as BTC is trading above $20,000 once again.
According to Bitcoin Cash news, Mt. GOX is still holding 142,846 BCH, which could be soon returned to the creditors. Analysts fear the sudden disbursement of Bitcoin Cash and Bitcoin to Mt. Gox creditors could tank the whole crypto market. Mt. Gox was a Japanese exchange that lost 850,000 Bitcoin in hacks back in the day. The Bitcoin vs Bitcoin Cash debate is no longer a hot topic as the former has strengthened its place as the biggest cryptocurrency.
Technical analysis of the BCH price chart depicts that the price has formed a falling wedge pattern. Such patterns are bullish patterns but only in case of confirmed breakouts. Therefore, if Bitcoin Cash price breaks out of this pattern, then the price could soar to $209 very soon.
This level aligns with the 0.382 Fib retracement level when connecting April 2022 high to the June 2022 low. On the other hand, if BCH makes a lower low, then the price is expected to retest its all-time low price of $73. Both of these Bitcoin Cash price predictions depend on the Bitcoin price action.
It is always helpful to have good indicators in your trading arsenal if you’re trading in these choppy market conditions. One such indicator is InvestingCube’s Premium S&R Levels. This indicator generates real-time notification whenever there is a potential trade setup. Therefore, subscribing is highly recommended, especially if you’re trading Bitcoin Cash.
At the moment, the indicator is waiting for a breakout on BCH chart. There is a potential short setup if the price dips below $95, which aligns with our BCH price prediction. There is also a long setup if the price breaks above $113. You can buy Bitcoin Cash on exchanges like Binance, Kucoion and BYBIT.
This post was last modified on Jul 15, 2022, 13:31 BST 13:31