The post BCH Price Analysis: Will Bitcoin Cash Hit $1000 This Week? appeared first on Coinpedia Fintech News
Despite a 2% drop in Bitcoin marking a bearish start to this week, the close cousin Bitcoin Cash shows a terrific trend in motion. With a dominant bull run in motion, the weekly chart of BCH price reflects a spectacular trend reversal.
As the anticipations of a boost in Bitcoin prices skyrocket amidst the Bitcoin Halving craze, Bitcoin Cash capitalizes on this demand. As a comparatively cheaper alternative, known for massive moves due to its lower market cap, the altcoin could hit $1000. Therefore, the BCH price prediction suggests a bull run in April 2024.
Bitcoin Cash Price Performance
The Bitcoin Cash market cap tops $13.40 Billion and shows a 68% return in the last 30 days, per Coingecko. Further, with a long-term consolidation in the weekly chart, the BCH price trend is heading closer to the $700 mark.
The range breakout marks a bullish flag pattern breakout rally in Bitcoin Cash, leading to massive engulfing candles. Within just two bullish weeks, the close cousin of Bitcoin surpasses the 23.60% and 38.20% Fibonacci levels.
The uptrend is heading to challenge the 50% Fib level at $762 and is highly likely to cross $700. Currently, the BCH price trades at $678 and shows an indecisive Monday with a Doji formation.
Technical indicators:
Bollinger Bands: With the uptrend gaining momentum, the altcoin stretched the upper Bollinger band. Thus, the buyers assert dominance over the weekly trend.
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Will The BCH Price Halt Before $1,000?
Amidst the growing sentiments of a bull run, the BCH price is reflecting a high potential to capitalize on the momentum to its fullest. If the BCH price jumps beyond the $762 mark per Fibonacci level, the next resistance level will be at $920. However, a sentiments-fueled rally can propel the value higher to the $1,000 psychological mark.