The price of Bitcoin Cash (BCH) has risen about 10% in the past 24 hours, trading around $250 in early Monday session in London. The veteran altcoin, which has more than 22 million non-zero addresses, has experienced exponential growth since the calendar flipped in January, with support from institutional investors. Moreover, proof-of-work (PoW)-based altcoins have enjoyed similar regulatory clarity as Bitcoin due to their highly decentralized networks and communities.
How far can BCH price rise?
Since the price of BCH hit an all-time high (ATH) of around $4,327 in December 2017, the altcoin has continued to form a descending triangle. Having established a solid support level around $89, the price of BCH is now well-positioned for a dramatic rebound above ATH. However, it is unlikely that altcoins will experience a parabolic rally before the Bitcoin halving, which is expected to occur in the first half of 2024.
Meanwhile, as altcoins slowly steal Bitcoin’s popularity, the Bitcoin Cash price is likely to reach $762 in the coming weeks. In particular, the BCH price target is based on established macro downtrend resistance, which could slow the uptrend. If this target is surpassed, BCH’s price could easily recover to its 2021 high of around $1,591.
institutional support
The BCH network has enjoyed significant institutional support amid mainstream adoption of the digital asset. It is worth noting that BCH is included in the portfolios of top institutional investors such as EDX Markets, GrayScale Investments, and PayPal. Moreover, altcoins have ample liquidity provided by dozens of exchanges and DeFi for trading, with BCH averaging about $406 million in 24-hour trading volume.