Hey there, welcome to my Bitcoin cash Price Prediction 2020 guide!
Are you currently holding some Bitcoin cash coins and want to know what the future holds for the project? Or maybe you’re wondering how high will Bitcoin cash go in the near future?
Anyways, I’ve got all of your queries covered!
In this Bitcoin cash price prediction guide, I am going to start by briefly explaining what the Bitcoin cash project actually is, followed by a detailed technical analysis which you should consider before looking at a price prediction.
Following that, I am then going to discuss some popular price predictions that have been made by a few experts and influencers.
So, what are you waiting for? Let’s start by finding out what Bitcoin cash actually is!
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a hard fork of Bitcoin that occurred on August 1st, 2017. It prioritizes on-chain scaling and utility as a peer-to-peer electronic cash system. Bitcoin Cash expands the size of blocks, enabling more transactions to be processed.
Basically, BCH was created to overcome two major challenges faced by Bitcoin scalability- by increasing the “block size”, BCH can process a maximum number of transactions per second when compared to Bitcoin. The other factor is Transaction Fee- Bitcoin’s transaction fee is around $1.31, whereas it is around $0.125 for Bitcoin Cash.
Initially, the coin was launched at the price of $250, and the next day, the price has increased $651 per coin. By the middle of the month, it already costs $900. By then Bitcoin Cash has begun routing its way to the top and managed to reach milestones.
Bitcoin Cash Price Today
Bitcoin Cash (BCH) is currently trading at $255 having only gained about 1% in the last 24 hours. It’s market capitalization is $4.70 billion, making it the fourth biggest cryptocurrency by market capitalization. Exchange volume within the last day is $3.3 billion amid $18.4 million circulating supply.
BCH started its 24-hour journey while trading at $254 at around 09:54 hours UTC on Wednesday, June 10. However, the top coin attained the highest price limit of $258 before declining about almost $3 to its current price level.
Bitcoin Cash Technical Analysis
Initially, when the coin was introduced, BCH was trading at nearly $250. The price was continuously moving in the uptrend reaching $4091, which is the highest price of the coin to date.
The above Bitcoin Cash price chart illustrates that in November 2017, the BCH price hit a temporary level of price resistance at approximately $1,700. This price point included the Bitcoin Cash price from uptrending and only after its third attempt at this level of price resistance. Further, the resistance was finally broken. The break above resistance leads to an accelerated move toward higher BCH prices.
But at the end of the year, the market turned bearish, and Thus, bitcoin cash suffered huge losses reaching $2557
At the beginning of 2018, the whole crypto market turned bearish. During the first quarter of the year Q1, the coin sloped down reaching $898.55 in February 2018. But nonetheless, the coin gained momentum back experiencing a bullish trend at the beginning of Q2 reaching a trading value of $1726. Further, in the mid of Q2, the price suffered a downtrend reaching $640.
In November 2018, a hard-fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin ABC and Bitcoin SV. On 15 November 2018 Bitcoin Cash ABC traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.
The bearish trend continued further in Q3 and Q4 reaching the lowest value trading at $160 by the end of 2018.
At the beginning of 2019, the coin was trading at $165.33. Anyways during Q1, there was not much variation in the price, however, there were minute pumps and dumps. At the beginning of April, the coin enjoyed a bullish trend reaching $302.31. However, the resistance is maintained within $300 and the coin is currently at $316.
Looking at the Technical indicators:
Yearly MACD – The MACD for BCH/USD is gaining pace in the bullish zone.
Yearly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.
Bitcoin Cash Price prediction 2020
2020 for BCH began on a bearish note. The cryptocurrency was trading at around $190 per coin. However, BCH was bullish for most of the first quarter. The price grew from the sub-200 level to surpass $300 by March.
To further the Q1 gains, BCH progressed to touching $400 by the beginning of February and later $500 in the middle of the month.
A sharp price decline set in in March and BCH crashed to around $150. The crash proved fatal and BCH is still recovering from the loss accrued since then.
2020 might prove to be a remarkable year for Bitcoin cash as we expect many innovations and developments. The Bitcoin Cash community is planning on testing a beta Telegram tipping bot “Tipmebchbot”. This bot enables Telegram users to tip other users using BCH. With this development, 2020 might the price surge and by the end of the year, BCH might reach $1000 USD.
Bitcoin Cash Price Prediction 2021
By 2021, the price of Bitcoin Cash may skyrocket to highs unimaginable. The price may be hovering around $1500-$2000 per unit by mid 2021. According to technical analysis, the coin is set to rally alongside BTC during the next bull market. If a successful bull market is launched later this year, then this may escort BCH price to as high as $2500 by the end of year 2021.
Bitcoin Cash 5 Years Price prediction
Bitcoin Cash will go through a number of developments in 5 years. As Bitcoin is the parent of BCH, it is certain that BCH can’t blackout. The future projects and developments might most probably link to that of bitcoin’s performance. By analyzing the roadmaps, it is estimated that Bitcoin Cash might reach $5000 USD by the end of 2025
Bitcoin Cash Market Prediction
TradingBeasts predicted that for 2020, BCH price can increase as much as $5,635.44 and be as low as $3832.10.
DigitalCoinPrice predicts that Bitcoin Cash will trade at $500 by the end of 2020 and will increase to $1100 by 2025.
Our Bitcoin Cash Price Prediction
Overall, the majority of crypto markets seem to be in a good place right now. Currently, if you are investing in Bitcoin cash keep in thought that Bitcoin cash would also simulate the drift in Bitcoin. During a bearish point in Bitcoin, BCH would also move in the same way briefly. Bitcoin cash is rising up a lot quicker than all of its market cap competitors. An exert to $2000 seems likely, reaching $4000 will cause a very different set of challenges.
Bitcoin Cash Influencer Prediction
Roger Ver believes that BCH price will double itself in the upcoming year.
Bitcoin Cash News
BCH Development Team Plans To Implement “Storm”
With the new Storm implementation, weak blocks are linked to the strong blocks, thereby allowing 0 confirmation verification of transactions. Once this feature has been implemented on the BCH network, instant transactions using digital assets will be possible.
Cashscript is a high-level programming language. Using this for smart contracts on the BCH network is going to be easy. Smart contracts were the essence of the Ethereum network.
This is a feature under development that mainly focuses on improving the performance of the Graphene protocol. The implementation of this will happen in two different phases. In the first phase, the performance of the Graphene protocol will get a boost. By improving the performance of the existing protocol, the speed would be significantly improved.
Vitalik Buterin to use Bitcoin Cash blockchain
Recently, Ethereum co-founder Vitalik Buterin announced to use Bitcoin Cash blockchain as a temporary scalability solution for the Ethereum network.
The Ethereum community has been working on Ethereum 2.0, a major network upgrade that is expected to come in early 2020. Buterin suggested incorporating other blockchains as a new option for improving Ethereum scalability in the short term.
In particular, Vitalik claimed the Bitcoin Cash blockchain is a perfect match for this purpose as BCH provides a data throughput of around 53 kilobytes (KB) per second.