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Bitcoin Cash (BCH) has skyrocketed from $109.95 to $333 since June 21, 2023, and the current price stands at $247. But where is the price of Bitcoin Cash (BCH) is going next, and what can we expect from August 2023?

Bitcoin Cash (BCH) has been among the best performers in the crypto market lately, and despite the recent correction, bulls still control the price movement.

Many crypto analysts say that one of the reasons behind BCH’s massive jump is the newly launched crypto exchange EDX Markets, and they expect more institutional investors to purchase Bitcoin Cash (BCH) in the weeks ahead.

Today, Crypto Lists will discuss Bitcoin Cash (BCH) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

BCH benefits most from EDX Markets launch

Bitcoin Cash broke off from the original Bitcoin network on August 01, 2017, and has rapidly become one of the most valuable cryptocurrencies globally. Bitcoin Cash was created by a group of Bitcoin users who believed different technical decisions were needed to bring Bitcoin to a global audience.

Bitcoin Cash proponents tended to believe Bitcoin required modifications to make it competitive with traditional payment systems like Visa and PayPal. They also advocated for lowering the fees users pay to send transactions, preferring to shift these costs to other parts of the network.

To achieve this, Bitcoin Cash modified Bitcoin’s code and released a new software version with features that were no longer compatible with Bitcoin. Bitcoin Cash has lower fees than Bitcoin and allows more transactions to be processed because of increased block size.

Because of this, many analysts believe that by focusing on making its transactions cheaper, consumers will begin to choose BCH in online transactions, making it more valuable.

Bitcoin Cash doing big things?

The price of Bitcoin Cash (BCH) has skyrocketed since June 21, 2023, and it has reached levels above $330 – price levels last seen in April 2022. Many crypto analysts say that one of the reasons behind BCH’s massive jump is the newly launched crypto exchange EDX Markets, backed by Fidelity Investments, Charles Schwab, and other Wall Street market leaders.

The crypto exchange went live on June 21, and it currently supports only Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).

Bitcoin Cash has benefited the most from the launch of EDX Markets, and according to crypto market intelligence platform Santiment, BCH has seen a 3-year high in social discussion rates, and volume has easily eclipsed 2023 highs.

On the last day of June, South Korean cryptocurrency exchange Upbit recorded a trading volume of more than $500 million for the Bitcoin Cash (BCH)/Korean Won (KRW) pair in just one trading day. In comparison, trades involving Bitcoin (BTC) have been three times less.

Rating: 9.33/10
Supply: 19,199,644 / 21,000,000
Release date: August 1, 2017

Description: Buy Bitcoin Cash and help to revolutionize peer-to-peer payments!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Renewed interest and confidence in Bitcoin Cash

The high volume of trading activity demonstrates renewed interest and confidence in Bitcoin Cash, but investors should keep in mind that cryptocurrency markets are notoriously volatile, and while positive developments like EDX listing can trigger substantial price increases, they also carry potential risks.

However, many analysts say that more institutional investors could purchase Bitcoin Cash (BCH) in the weeks ahead, which could lead to further growth. In light of this, Bitcoin Cash (BCH) could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments.

On the other side, there are various indicators like the Relative Strength Index, which tell us that BCH seems overbought, and if the current momentum stalls and BCH faces a strong rejection, the BCH price could erase most of its recent gains.

The next several weeks will be extremely important in determining whether or not this rally has sufficient energy to drive Bitcoin Cash to new highs in 2023 or whether or not it fizzles out.

Technical analysis for Bitcoin Cash (BCH)

Bitcoin Cash (BCH) has advanced more than 20% since June 21, 2023, rising from $109.95 to a high of $333. Bitcoin Cash’s current price stands at $247, and despite the recent correction, bulls still control the price movement.

Many analysts say that more institutional investors could purchase Bitcoin Cash (BCH) in the weeks ahead, and as long the price of BCH is above $200, the price of this crypto remains in the BUY-ZONE.

Important support & resistance levels for Bitcoin Cash (BCH)

On this chart (the period from March 2023), I marked important support and resistance levels that can help traders to understand where the price could move.

Bitcoin Cash has benefited the most from the launch of EDX Markets, and if the price advances again above $280, the next target could be resistance that stands at $300.

The important support level is $225, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $200. If the price drops below $200, which represents very strong support, the next target could be located around $150.

What speaks for the rise in the Bitcoin Cash (BCH) price

The amount of BCH traded over the last several weeks saw a significant increase, and if the price advances again above $280, the next target could be resistance at $300.

Traders are buying BCH after the crypto exchange EDX Markets went live, and according to analysts, more institutional investors could purchase Bitcoin Cash (BCH) in the weeks ahead, which could lead to further growth.

According to the technical picture, Bitcoin Cash (BCH) still has room for the upside, especially if the price of Bitcoin continues to perform well.

What indicates the downfall of Bitcoin Cash (BCH)

Many crypto analysts say that one of the reasons behind BCH’s massive jump is the newly launched crypto exchange EDX Markets and while positive developments like EDX listing can trigger substantial price increases, they also carry potential risks.

There are various indicators like the Relative Strength Index, which tell us that BCH seems overbought, and if the price of BCH falls below $200, the next target could be $150.

The price of BCH is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $28000 price level, that would certainly have a negative influence on the price of BCH.

What do analysts and experts say?

Bitcoin Cash (BCH) has skyrocketed since June 21, 2023, and many crypto analysts say that one of the reasons behind BCH’s massive jump is the newly launched crypto exchange EDX Markets. The high volume of trading activity demonstrates renewed interest and confidence in Bitcoin Cash, and there are expectations that more institutional investors could purchase Bitcoin Cash (BCH) in the weeks ahead.

The overall sentiment on the cryptocurrency market also plays a crucial role in Bitcoin Cash’s price trajectory, and the good news is that the cryptocurrency market remains supported after the latest data from the U.S. showed that inflation cooled more than expected in June, which increased confidence among investors and offered reasonable hopes that the Fed might be about to kick its rate-hike habit.

The Federal Reserve meeting is scheduled for July 26, and according to Antoni Trenchev, co-founder and managing partner of crypto lender Nexo, if the Fed suggests it’s done with interest rate hikes, it should reignite the bull run.

by Our Certified Author
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