Like most alts in April, Bitcoin Cash (BTC) succumbed to bumpy rides, losing 18% of its value to explore $307.27 today, April (2018). That had the altcoin ranking 25th with its market cap of $5.85 billion. BCH has suffered a long bearish phase since the record highs of $700 in November 2021. Though it may be optimistic to say the alt will climb back to its glory levels soon, the latest false dawn in March has the trend bearish.
BCH Eyes Higher Transaction Volumes
Bitcoin Cash is a Bitcoin blockchain spinoff/hard fork introduced on August 1, 2017. The split emerged after the Bitcoin community failed to attain a consensus during a bid to expand the platform’s capacity to handle more transactions.
Bitcoin holders received BCH at the time. Remember, Bitcoin Cash had a high max block size. Initially, the protocol improved the block size to 8MB from 1MB, supporting 32MB now. Moreover, developers plan further increases in the future. A higher block size allows BCH to handle more transactions quicker and cheaper, a solution for some Bitcoin investors.
Bitcoin Cash’s supply caps at 21 million tokens, like Bitcoin. Coinmarketcap data shows 19.05 million in circulation as of April 28. The fixed supply intends to make BCH a worthwhile store of wealth and limit inflation.
BCH Plunged Following a 3-Month High
Bitcoin Cash registered an intraday peak of $801.49 on September 6, exploring its highest mark since late May. BCH peaked at around $1,635 on May 16, When BTC noted an ATH of $64,000. However, bumpy sessions saw it hitting a $596 intraday low by September 13. Bitcoin Cash climbed to $654 on September 16 after AMC’s CEO revealed accepting BCH and BTC, ETH, and LTC for online accessories and ticket buys.
Bitcoin Cash has seen increased adoption. For instance, PayPal announced (August 13) the new services in the United Kingdom, allowing users to buy, hold or sell BCH along with BTC, ETH, and LTC through mobile apps or the PayPal website. That expands the firm’s crypto services offering out of the United States.
On September 10, Crypto investment firm Grayscale declared registering the Grayscale BCH Trus with the United States SEC, along trusts for Litecoin and Ethereum Classic, joining the existing BTC, Digital Large Cap, and Ethereum trusts.
Digital tokens such as Bitcoin, Litecoin, and Bitcoin cash received boosts early in October. When the nation’s 5th largest retail bank, US Bank, first introduced a crypto custody service with support from NYDIG to allow fund managers to store their private keys.
BCH Price Forecast: 2022 – 2030
Bitcoin Cash’s near-term sentiment remained neutral, prices hovering at $380 during this publication (April 28). Eight technical indicators gave bullish signals, while 22 displayed bearish signs. The EMAs and SMAs reflected sell signals, whereas the MACD remained neutral as the RSI stood near 46.74.
Near term price forecast of Bitcoin Cash shows the token would hover around $305 by May 3. However, WalletInvestor’s projects maintained a bullish case for BTC, targeting $423 before the 2022 ends and exploring $782 by 2027 April.
Digital Coin’s price prediction shows BCH would average around $404 this year, then extended upsurges to $589 by 2025 before exploring $983 in 2028.
However, Price Prediction gave the most bullish forecast, suggesting BCH has what it takes to explore $389 this year, $1,800, in 2026, before averaging near $8,345 by 2030.
Though most platforms and experts predict uptrends, beware that crypto markets are highly volatile, making it challenging for accurate predictions. For that reason, pundits can get their projections wrong. Research as much as possible before investing. That can mean analyzing the latest trends in the market, fundamental and technical analysis, and news before concluding your investment decisions. Furthermore, invest in what you are comfortable losing.