26 Sep 2020 #Bitcoin Cash
Bitcoin Cash is one of the most widely known forks of the original Bitcoin blockchain there is. The cryptocurrency came about from a frustration in the way Bitcoin was heading as the major coin was deviating from the path outlined by Satoshi Nakamoto to be a digital cash.
Bitcoin Cash was created to work more like a currency than a store of value and sparked off a tremendous debate between those who believed Bitcoin was right, and those who believed Bitcoin needed to transact faster and cheaper.
A so-called civil war started brewing around this point with proponents of Bitcoin cash denouncing Bitcoin and labeling it as no longer the true Bitcoin. Bitcoin Cash then forked and was born in August of 2017 and started off well but has a tumultuous time since then.
Bitcoin Cash however, even though it is supposed to be a more functional currency, is a popular coin to invest in by cryptocurrency fans. The price of the coin has the classic volatility known in the space, and many people are predicting its future to be better and to offer higher prices in the coming months, and years.
Cryptocurrencies are starting to permeate the narrative around the changing space of transactions and payments. Many feel that the future belongs to digital payments, and cryptocurrencies are being looked at by companies and even Central Banks. For this reason, Bitcoin Cash offers a great potential for future investors.
With the Bitcoin price prediction coming into the conversation more and more often commentators are putting up some very interesting predictions for the coming years. So, will the price of bitcoin cash go up? Let’s find out!
As mentioned above, Bitcoin Cash is one of the bigger and more well-known Bitcoin forks, but it is also not the oldest. Having been created just before Bitcoin reached its all time high of $20,000 at the end of 2017, Bitcoin Cash increased the size of the blocks in the chain in order to allow more transactions to be completed, and at a faster speed.
Interestingly, the cryptocurrency underwent another fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). This indicates the desire to keep evolving Bitcoin and cryptocurrency in general, but BCH’s reason for forking was mainly due to the 1MB block size limitation for bitcoin. Transactions queued up, waiting for confirmation, because blocks could not handle the increase in size for transactions.
In order to battle this, Bitcoin Cash proposed increasing the size of blocks to between 8 MB and 32 MB, thereby enabling processing of more transactions per block. The average number of transactions per block on Bitcoin is between 1,000 and 1,500. The number of transactions on Bitcoin Cash’s blockchain during a stress test in Sep 2018 surged to 25,000 per block.
Roger Ver is the man who has driven this fork and has been pushing the idea that it was the original creator of Bitcoin, Satoshi Nakamoto, to have a digital currency that was functional under pressure. According to Ver and Bitcoin Cash believers, the change in Bitcoin’s block size will enable Bitcoin’s use as a medium for daily transactions and help it compete with multinational credit card processing organizations, such as Visa, which charge high fees to process transactions across borders.
Bitcoin Cash, through its entire history, has remained a top 10 coin and even near a top five coin in terms of market cap. The coin does not trade anywhere near the price of Bitcoin — even at its highest price it managed to only reach $3,643 and this was just days after Bitcoin topped $20,000.
Bitcoin Cash had a wild ride in terms of its price swings and volatility through its first year, but towards the end of 2018 and through until now the price has been less volatile but also mostly in a downward trend. Bitcoin Cash began its price history around $573 in August of 2017 and within two months it had reached its all time high.
Following that $3,000+ high, Bitcoin Cash dropped back down to the lower reaches of $600 in April of 2018 only to spike to $1,700 the next month. Since then, Bitcoin Cash has failed to reach anywhere near the $1,000 mark, dropping in price all through 2019, and is currently trading at around $238.
Because Bitcoin Cash has a lot of potential in a world that is looking more towards a place where digital payments and cryptocurrencies as the next era, the prediction of how the price of the coin will rise is important and worth examining.
The price predictions also vary a lot as there are some that truly believe Bitcoin Cash is the real Bitcoin and should be elevated as such, but then there are also those who think it is a wasted cryptocurrency and not as effective as it is made out to be.
“For the next three years, TradingBeasts has a quite moderate BCH price prediction. According to the forecast, Bitcoin Cash will reach $181 at the end of 2020. At the beginning of 2021, BCH will be about $200 and by the end of the year, the price will be about $306.
“In January 2022, Bitcoin Cash is expected to cost about $318 and by the end of 2021, it will be $405. The cryptocurrency will be gradually growing and at the end of 2023 Bitcoin Cash will cost about $481.”
“The WalletInvestor gives an interesting BCH price prediction. Despite the current downtrend, they expect a big price pump to $400 by the end of 2020. In January 2021, BCH price will remain on the same level for several days and then will gradually fall.”
“In February 2020 it will decrease up to $80 and then go up again to $300 in December. The price of Bitcoin Cash will repeat the same behaviour in 2022, 2023, 2024, 2025. BCH will be traded between $50 and $500 throughout the years and will reach $350 at the end of 2025.”
"DigitalCoinPrice has a positive forecast for the future price of Bitcoin Cash. In 2020, the maximum price during the year will be $550 USD. In 2021, the coin will fluctuate between $500 and $60 and reach its highest price of $680 in September 2021."
“In 2022, BCH will be trading between $600-$700 with the highest price – $803 in July. Over time the price of the coin will grow. In 2025, Bitcoin Cash will reach $1100 and during that year, BCH will be traded for $900 and $1000 per coin.”
“LongForecast follows a negative prediction for BCH. In 2020 Bitcoin Cash will experience a downtrend and will be trading between $250-211. In 2021, the currency will continue falling and by the end of the year it will cost only $130. Basically, Bitcoin Cash will decrease until 2022 and only then the situation will begin to improve.”
“By the end of 2022, the price of the coin will be about $61. In May 2023, BCH will begin to grow and will reach $150 in December. Currently, Bitcoin Cash has one of the lowest prices throughout its history. In general, BCH is expected to grow in the long run. The maximum growth could be after the launch of the Avalanche update.”
Bitcoin Cash has moved back under its key 200-day moving average, following a short-lived recovery towards the $245 level. Bitcoin Cash price analysis shows that bulls need to rally the price above the $245 level to ignite a recently formed bullish reversal pattern.
Bitcoin Cash has slipped back towards the lower end of its medium-term trading range, following a technical rejection from the $245 level.The cryptocurrency has now turned technically bearish, although the downtrend remains weak.
Bitcoin Cash technical analysis shows that bulls need to keep the BCH/USD pair above the $205 level to avoid a $75 sell-off. The daily time frame shows that the BCH/USD pair has been trapped between the $205 to $280 price range since April this year.
Once the mentioned price range is broken, the BCH/USD pair is likely to form a new medium-term trend. Bitcoin Cash technical analysis shows that the cryptocurrency only has a bullish short-term bias while the price trades above $245.
The four-hour time frame shows that a bullish reversal pattern has formed, following the recent reversal from the $205 level.
Bitcoin Cash has had a fairly uneventful year as it goes. The price has mostly been dropping slowly, especially considering that the coin rose along with most of the cryptocurrency space during February and March before the Covid-19 pandemic impacted the global markets.
The prediction for the rest of the year, which is drawing to a close but with a lot of cryptocurrency potential, is that Bitcoin Cash will reach $256 — which will be about a 10 percent rise for the remaining months of this year.
However, there are some predictions that see Bitcoin Cash really taking off. WalletInvestor’s Bitcoin Cash price prediction pointed at $800 between May and October 2020 and then a massive leap to $1200 in December 2020 — This has not been seen thus far, But the last quarter of the year has always been good for crypto.
It is the next few years that will really define if Bitcoin Cash is a good investment or not. The coin has had an explosive start but has slowly fallen away from the consciousness of the community.
However, there are a number of varying predictions for the coming years through to 2022. One of the higher predictions sees the coin having the potential to reach as high as $6,700 by the end of 2021.
At the same time another prediction goes on to state that the price will keep decreasing and only begin to improve at the end of 2022 and reach a price range of $259 – 299 by November 2023.
Forecasting the price of any asset this far ahead of time is entirely an approximate and is difficult to get totally accurate.
The prediction for the next four and five years of course depends on what happens in the first two years after 2020. One prediction has BCH up just above $1,000 in 2021, but then goes on to state that the price of Bitcoin Cash will play in the same ranges in 2021, 2022, 2023, and 2024, meaning it will reach approximately $1,000 at the end and beginning of those years.
This prediction is similar to another one, but for different reasons, that calls BCH to be at $1,100 in 2025 but this will happen through four years as BCH will rise from $550 at the end of 2020 to only double its price in the following years to 2025.
The future of Bitcoin Cash is an interesting one as the coin was created to be the next version of Bitcoin and looked to address its shortcomings as a currency. However, the way in which Bitcoin has evolved has made it more popular as an asset rather than a currency.
In saying that, the desire to have cryptocurrencies act more like functional currencies is growing. Bitcoin Cash has the name and history of Bitcoin and can be looked as the next version of the coin after it forked.
However, the way in which Bitcoin Cash has operated since August 2017 has been full of controversy. Many people do not appreciate how the focus has not been made about advancing the coin but rather about denigrating Bitcoin.
In saying that, Bitcoin Cash does offer a great opportunity for investors and traders to make money because of its volatile nature and potential to come more into the discussion as the years go on and the need for a more functional Bitcoin.
In order to take advantage of Bitcoin Cash and start investing and trading in cryptocurrency, it is worth looking for a platform that suits.
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