Bitcoin cash price next week - recommend you
Bitcoin Cash Price Prediction: Will BCH Hit $600 This Weekend?
Bitcoin Cash price is down by more than 3% after rallying by more than 7% yesterday. The BCH is trading at $506, which is slightly below this week’s high of $537. Other cryptocurrencies are also in the red today after the gains made yesterday. Their total market cap is slightly above the $1 trillion level. Bitcoin and Bitcoin SV prices are at $37,830 and $208.
What happened: Bitcoin Cash price is probably falling as investors react to a bearish report by Research Affiliates, a company that develops smart beta strategies with more than $145 billion. The report likened the recent rally in Bitcoin and other cryptocurrencies as a typical bubble that is driven by demand by institutional and retail investors.
The report also found that Bitcoin price was being manipulated by Tether, the dollar-backed stablecoin. Tether price is at $0.9981 and its market cap at $24 billion. This makes it the third-biggest crypto after BTC and ETH. Tether rejected those claims, saying:
“Multiple other researchers have found, using superior methodologies, that there is no causal relationship between the issuance of Tethers and market movements up or down.”
Eventful week: Like all cryptocurrencies, Bitcoin Cash has had an eventful week. After rallying hard during the weekend, the price tumbled to a multi week low of $402 on Monday. It has bounced back since then, pushing its price by more than 25%. Other cryptocurrencies have also rallied.
Bitcoin Cash Prediction
The four-hour chart shows that the Bitcoin cash price has been in a steady upward trend since Monday when it bottomed at about $402. It is between the ascending blue channel and the 25-day and 15-day simple moving averages.
Therefore, in my view, like I wrote in the Litecoin price prediction, I suspect that the price will continue rallying as bulls aim for the upper side of the channel at $600. This will possibly happen during the weekend.
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Crispus Nyaga
Crispus Nyaga is a self-taught financial analyst and trader with more than seven years in the industry. He has worked for some of the biggest brokers in Europe and Australia as an analyst, coach, and course creator. He has a wealth of experience in equities, currencies, commodities, and global macroeconomic issues. He has also published for prominent financial publications like SeekingAlpha, Forbes, Investing.com, and Marketwatch. Crispus graduated with a Bachelor’s of Science in 2013, an MBA in 2017, and is currently working on an MSc in Financial Engineering from WorldQuant University. When he is not trading and writing, you can find him relaxing with his son.
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