- Bitcoin Cash price shows a bullish breakout rally with an ascending triangle on the daily chart.
- BCH price trend finally holds above $260 and approaches the psychological $300 level.
- If there is a breakout above $300, the uptrend could reach $350.
The price of Bitcoin Cash, a close cousin of Bitcoin, has seen a significant increase in trading volume to support the price rise. With Bitcoin Spot ETF approval, BCH price surges, showing strength and delivering multiple green candles.
A sharp rise in buying pressure across the market and Bitcoin price poised to cross the $50,000 barrier could fuel a Bitcoin Cash price surge in 2024. Moreover, improving sentiment and several bullish events scheduled for 2024 support our BCH price prediction.
Source – Trading View
Spotting a surge in buying pressure at a critical base of $232, BCH price has risen to a 25% premium over the past five days. This week’s sharp rise leads to a bullish breakout of the $260 barrier and an ascending triangle pattern.
A breakout rally signals an entry opportunity for sideline traders and challenges the $300 overhead resistance. Additionally, a 117% surge in volume supports the rally and portends an upward trend above $300.
Currently, the BCH price is trading at $293, up 6.24% intraday, following an 8.44% rise last night. Therefore, the uptrend shows a continued increase in trend momentum, increasing the likelihood of a bullish 2024.
technical indicators:
MACD indicator: A bullish crossover between the MACD and the signal line indicates a trend reversal with a breakout event.
RSI indicator: The daily RSI line is approaching the overbought boundary and reflects rising trend momentum.
Therefore, momentum indicators support the bullish side.
Will BCH price reach $350?
The approval of the Bitcoin Spot ETF has become a hot topic in the cryptocurrency market, and the value of Bitcoin is expected to rise. Bitcoin Cash (BCH), which is closely related to Bitcoin, is also likely to rise in price following ETF approval.
Additionally, the upcoming Bitcoin halving event and potential interest rate cuts will fuel this year’s bull run exponentially.
If the triangle pattern is strong, it increases the chances that the trend will change favorably. If BCH exceeds $300, the momentum from the breakout could push it up to the $350 level.