Bitcoin bounces strongly as the year comes to an end, resulting in a strong rally amongst its cousins like BSV and Bitcoin Cash. Rising in support of Bitcoin crossing the $43K mark, the BCH price shows a robust overnight rally and crosses the $250 psychological barrier.
Breaking beyond the overhead resistance trendline, Bitcoin Cash teases a fast-paced recovery rally to reach the psychological mark of $300. With a quick change in trend dynamics, the BCH price prediction teases a strong bullish ending to 2023.
Source – Tradingview
Bitcoin Cash overshadows the 161% YTD of Bitcoin with a minor lead as the BCH price grows by 185% this year and prolongs the uptrend with a recent breakout. As Bitcoin Cash bounces from the 23.60% trend-based Fibonacci level, the buyers plan to end the hibernation phase of the sideways trend.
With multiple lower price rejections and a double bottom forming at the 23.60% level, the bulls are presenting an entry opportunity for sideline traders. As the overnight jump of 15% in BCH price fractures the resistance trendline, the price analysis signals a triangle breakout. Further, the uptrend breaks the 38.20% Fibonacci level and teases a new high momentum rally.
Currently, the BCH price trades at $274.01 and prolongs the overnight rally with an intraday jump of 3.90%. Therefore, the growing momentum and the rising Bitcoin prices pan out a potentially bullish journey for Bitcoin Cash.
Technical indicators:
DMI Indicator: The VI lines support the trend reversal and the breakout rally possibility with its recent crossover event. The positive alignment of the VI lines and the slowly rising ADX line ends the declining phase. Thus, the indicator signals a bullish trend in BCH price with growing momentum.
Bollinger Bands: The rising trend in Bitcoin Cash challenges the overhead band. Further, the uptrend stretches the band longer to signal a bullish phase. With the Bollinger bands ending the compression phase, the buyers are back in the driving seat.
Will BCH Price Reach $350?
In light of the growing excitement in the cryptocurrency market regarding the potential approval of a Bitcoin Spot ETF, Bitcoin’s value is anticipated to climb significantly. Similarly, Bitcoin Cash (BCH), closely related to Bitcoin, is likely to see a rise in its price following the ETF’s approval.
Additionally, the bullish breakout from the triangle pattern further enhances the prospects of a favorable shift in trend. Consequently, if the BCH price surpasses the $300 barrier, then the breakout momentum could propel it toward the $350 level.
Conversely, should there be a trend reversal, the value of Bitcoin Cash could potentially fall back to $250.
Credit: Source link