Bitcoin rebounds strongly as the end of the year approaches, putting it among cousins like BSV and Bitcoin Cash. Supported by Bitcoin’s support above $43,000, the price of BCH showed a strong rise overnight, breaking the psychological barrier of $250.
Bitcoin Cash predicts a quick recovery rally to break above the indirect resistance trend line and reach the psychological $300 level. Due to the rapid change in trend dynamics, the BCH price prediction predicts a strong bullish ending until 2023.
Source – Trading View
Bitcoin Cash has slightly outperformed Bitcoin’s 161% YTD this year, with the price of BCH rising 185% YTD, and extending its upward trend with the recent breakout. As Bitcoin Cash rebounds from the 23.60% trend-based Fibonacci level, buyers are looking to exit the hibernation phase of the sideways trend.
With several low rejections and a double bottom forming at the 23.60% level, the uptrend presents an entry opportunity for sideline traders. BCH price surged 15% overnight, breaking the resistance trend line, signaling a triangle breakout in price analysis. Additionally, the uptrend breaks the 38.20% Fibonacci level, signaling a new high momentum rally.
Currently, the BCH price is trading at $274.01 and continues to rise overnight, rising 3.90% intraday. Therefore, the increasing momentum and rising Bitcoin price are unfolding a potential bullish journey for Bitcoin Cash.
technical indicators:
DMI indicator: The VI line supports the possibility of a trend reversal and breakout rally through recent crossover events. The positive alignment of the VI line with the slowly rising ADX line ends the bearish phase. Therefore, this indicator indicates a bullish trend in the BCH price with increasing momentum.
Bollinger Bands: Bitcoin Cash’s upward trend is challenging the overhead band. Additionally, an uptrend stretches the bands longer to signal a bullish phase. With the Bollinger Bands ending their compression phase, buyers are back in the driver’s seat.
Will BCH price reach $350?
As expectations grow in the cryptocurrency market regarding the possibility of approval of a Bitcoin spot ETF, the value of Bitcoin is expected to rise significantly. Likewise, Bitcoin Cash (BCH), which is closely related to Bitcoin, is also likely to rise in price following ETF approval.
Additionally, a bullish breakout of the triangle pattern further strengthens the prospects for a favorable change in the trend. As a result, if the BCH price breaks the $300 barrier, the breakout momentum could push the BCH price up to the $350 level.
Conversely, if there is a trend reversal, the value of Bitcoin Cash could potentially fall to $250.