Mastering Crypto

10/17 14:52

Bitcoin Cash Price Prediction as BCH Pumps Up 4.5%

The price of Bitcoin Cash (BCH) has risen by 1.5% in the past 24 hours, with its move to $229 coming after a spike yesterday that saw the altcoin briefly reach $248.

False reports concerning the acceptance of BlackRock's Bitcoin ETF had caused yesterday's surge, yet even though BCH (much like BTC) retraced its steps soon after, it remains up by 4.5% in a week and by 8% in the last 30 days.

The altcoin is also up by 136% since the beginning of the year, making it one of the best-performing top-100 coins over this period.

And while yesterday's rumors were false, BCH's jump shows that once a Bitcoin ETF is eventually accepted, the altcoin could rise very strongly.

Bitcoin Cash Price Prediction as BCH Pumps Up 4.5% Suddenly – What's Going On?

Bitcoin Cash has been one of the few well-performing major coins over the past couple of months, owing largely to the fact that the market is increasingly coming to expect the approval of Bitcoin ETFs, something which would have positive ramifications for BCH.

Accordingly, BCH's 30-day exponential moving average (yellow) has been riding high above its 200-day average (blue) for several months now, with the shorter-term average rising again after yesterday's spurt.

Similarly, BCH's relative strength index (purple) has jumped up to 60, although it has been unable to rise any higher, given that the ETF approval rumors turned out to be false.

Still, the altcoin's support level (green) continues to rise strongly, showing that its medium- and long-term trajectory continues to be upward.

And it's arguably only a matter of time before a recent ETF application is formally approved by the SEC, an event which would more than compensate investors for yesterday's false start.

Indeed, even though the rumors were unconfirmed (and soon falsified by BlackRock itself), they were enough to cause both BTC and BCH to spike dramatically in a matter of minutes.

What this shows is that the acceptance of Bitcoin ETFs will be massive for both cryptocurrencies and while there's no guarantee that the SEC will approve such ETFs anytime soon, the available signs are all largely good.

For example, August saw Grayscale win a lawsuit which required the SEC to reopen its review process for the asset manager's own Bitcoin ETF application, and the past few days have also brought the news that the securities regulator is not going to appeal this decision.

For this reason, bulls may conclude that it's now only a matter of time before Bitcoin ETFs arrive, with Bitcoin Cash ETFs potentially following not longer afterwards.

Based on this assumption, BCH could easily jump to $300 in the days following an approval, before possibly returning to $500 in the first few months of next year.

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