Bitcoin Cash price prediction: BCH to $600 next, analyst
TL;DR Breakdown
- Bitcoin cash price prediction expects a rise to $600.
- Strong resistance lies at the $480 mark.
- Strong support lies at the $430 mark.
The Bitcoin Cash price prediction by Akhi Prajapati shows a triple bottom pattern on the cryptocurrency’s charts. The analyst expects the asset to observe a breakout up next and rise across the $800 level. The BCH price had risen across the $480 level on the 7th of January, while Bitcoin BTC observed a major price surge and climbed to a new all-time high above the $40000 mark.
1-Day Bitcoin Cash price analysis
As the king of cryptocurrencies moves up on the charts, the altcoins seem to have followed its initial bullish momentum from the 7th of January with a brief correction with the start of the 8th of January. Bitcoin Cash started its 2-day journey from the $350 mark, and it gradually made its way across the $480 level before observing price correction.
The highest price that Bitcoin Cash BCH hit on the 8th of January was $458.77, whereas the lowest was $404.65 on Bitstamp. At the time of writing, Bitcoin Cash traded at $442.07. BCH observed price fluctuation between the $430 and $460 levels before closing trade. This sideways movement may continue before the end of the daily trade.
As for the technicals, seventeen out of twenty-eight of these indicate a buy signal, while 7 technicals stand neutral, and 4 are in the selling position. Most of these are moving averages, which indicate a strong buy, while the oscillators seem to favor a selling position for the BCHUSD pair.
On the 1D time frame, we can see the BCH price returning from the upper Bollinger band. This may be an indication of a sideways movement for the BCHUSD pair.
Bitcoin Cash price predictions: What to expect?
Trading View analyst Akhi Prajapati is certain that the BCH price is going to go long after an upcoming breakout. The analyst highlighted a triple bottom formation on the BCHUSD charts.
Similar to the double bottom formation, the triple bottom formation is a bullish indicator, and the cryptocurrency has formed this over a period of two years, from Q4 2019 to Q1 2021. The entry-level is marked at $479.24, which is also the expected breakout point for the trade setup. Per this Bitcoin Cash price prediction, the cryptocurrency is set to test this flat resistance, which will follow a breakout and a bullish long across the $800 mark.
Analyst El Mahdi Majdoub’s take on the BCHUSD pair suggests that the cryptocurrency will rise towards the $493 mark soon after breaking out of an ascending triangle. The trading volume has been seen to decrease over the past few hours for the BCHUSD pair.
The Trading View analyst Fake Staoshi Lite indicated a breakout of a triangle pattern as well. Per this analyst’s Bitcoin Cash price prediction, the cryptocurrency will move towards the $600 mark next as it has recently moved above a 3-year long ascending triangle pattern. A breakout from a major pattern similar to this is a bullish indication. Litec explains that while the $600 mark is the immediate target for the pair, the cryptocurrency is likely to rise towards the $1500 to $2000 zone once the target is met.
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