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Bitcoin Cash (BCH) has advanced from $180.48 to $255.85 since September 11, 2023, and the current price stands at $22999.

It is important to say that the price of BCH is trading up by more than 130% so far this year, maintaining a favorable return, while the breach of the strong resistance at $260 is crucial for the potential rise of this crypto. If this level is surpassed, it might pave the way for Bitcoin Cash (BCH) to achieve new 2023 highs beyond the $300 mark.

But where is Bitcoin Cash’s (BCH) price going next, and what can we expect from November 2023?

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.

Bitcoin Cash improves the overall transaction capacity and lowers fees

On August 1, 2017, Bitcoin Cash emerged as a separate entity from the original Bitcoin network, swiftly establishing itself as one of the most valuable cryptocurrencies worldwide. Formed by a faction of Bitcoin users, this digital currency was conceived to implement distinct technical choices aimed at expanding Bitcoin’s reach to a global audience.

Supporters of Bitcoin Cash generally held the view that Bitcoin needed adjustments to enhance its competitiveness with conventional payment systems such as Visa and PayPal. Additionally, they advocated for reducing the fees users incur when sending transactions, favoring a model that redistributes these costs to other aspects 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.

The price of Bitcoin Cash (BCH) has skyrocketed since June 21, 2023, and it has reached levels above $329 – price levels last seen in April 2022. The current price of Bitcoin Cash (BCH) stands at $229, but it is important to say that there has been an increase in the number of transactions in the last several weeks for BCH.

The high volume of trading activity demonstrates renewed interest and confidence in Bitcoin Cash, while the analyst firm Santiment recently reported that whales in the cryptocurrency space have increased their holdings in Bitcoin Cash significantly. Collectively, Bitcoin Cash whales with holdings ranging from 100,000 to 10 million BCH held 3.74 million BCH as of September 18, 2023.

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

Description: Discover Bitcoin Cash and the P2P payments world!

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.


Bitcoin Cash whales increased their holdings

But on September 26, their holdings had increased to 3.86 million BCH, showing a noteworthy acquisition of 120,000 BCH in just one week. Their balances are now comparable to what they were in July 2023 when the price of BCH was above $300, and many analysts say that whales could purchase more Bitcoin Cash (BCH) in the weeks ahead. 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.

However, investors should keep in mind that cryptocurrency markets are notoriously volatile, and there are expectations of “market turbulence” in the weeks ahead. It is still unsure if the Federal Reserve will decide to raise interest rates above current levels, and in the short term, the cryptocurrency market will continue to navigate multifaceted challenges and the ebb and flow of various economic factors.

Fed Chair Jerome Powell signaled this Thursday again the possibility of one more rate hike by the end of this year and said that the U.S. economy’s strength and continued tight labor markets could warrant further Federal Reserve interest rate increases. Geopolitical uncertainty could also trigger risk-off movement from the cryptocurrency market, and the focus of investors also remains on escalating tensions in the Middle East between Israel and the Palestinian Islamist group Hamas.

Technical analysis for Bitcoin Cash (BCH)

Bitcoin Cash (BCH) has been in a positive mood since September 11, 2023, rising from $180.48 to a high of $255.85. Bitcoin Cash’s current price stands at $229, and as long the price of BCH is above $200, there is no risk of a bigger sell-off. It is also important to mention that the price of Bitcoin Cash has experienced a significant rise since the beginning of 2023 year, resulting in favorable returns for investors.

Technical analysis for Bitcoin Cash (BCH)

Important support & resistance levels for Bitcoin Cash (BCH)

Important support & resistance levels for Bitcoin Cash (BCH)

On this chart (the period from April 2023), I marked important support and resistance levels that can help traders understand where the price could move. There has been an increase in the number of transactions in the last several weeks for BCH, and if the price advances again above $260, the next target could be resistance that stands at $300.

The current support level is $220, 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 $180.

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 this trend continues, Bitcoin Cash (BCH) could easily advance above the current price levels, especially if Bitcoin and other major cryptocurrencies show positive developments. BCH’s ability to maintain above $200 support is very important, but moving above $260 would be crucial for the bulls to have control of the price movement.

What indicates the downfall of Bitcoin Cash (BCH)

The downfall of BCH can be influenced by a wide range of other factors, including market sentiment, regulatory developments, technological issues, and macroeconomic trends. Many investors in cryptocurrencies are driven by speculation rather than fundamentals, which can lead to irrational market behavior, and crypto prices can fluctuate dramatically over short periods, leading to potential big losses.

Before investing in Bitcoin Cash, it’s crucial to do your research, understand the risks, and consider your investment goals and risk tolerance. The strong support level for BCH stands at $200, and if the price falls below this level, the next target could be $180. The price of Bitcoin Cash is also correlated with the price of Bitcoin, and if the price of Bitcoin drops again below the $27000 price level, that would certainly have a negative influence on the price of BCH.

What do analysts and experts say?

The price of Bitcoin Cash (BCH) has skyrocketed since June 21, 2023, and it reached levels above $329 on June 30 – price levels last seen in April 2022. The current price of Bitcoin Cash (BCH) stands at $229, but it is important to say that there has been an increase in the number of transactions in the last several weeks for BCH. Analyst firm Santiment recently reported that whales in the cryptocurrency space have increased their holdings in Bitcoin Cash significantly, and their balances are now comparable to what they were in July 2023 when the price of BCH was above $300.

The high volume of buying activity demonstrates renewed confidence in Bitcoin Cash, and 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. Analysts and traders often closely watch the activity of crypto whales because the behavior of crypto whales can influence market sentiment.

When a whale makes a substantial buy, it can be seen as a bullish sign, potentially attracting more buyers. On the other side, the U.S. central bank could keep interest rates at restrictive levels for a longer period, which is not good for risk-on assets such as cryptocurrencies, and there are expectations of “market turbulence” in the weeks ahead. Crypto analysts also say that geopolitical uncertainty could also trigger risk-off movement from the cryptocurrency market, and the focus of investors also remains on escalating tensions in the Middle East between Israel and the Palestinian Islamist group Hamas.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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