Bitcoin Cash halving in 2024: Are you ready to get rich?
Bitcoin Cash is one of the most popular peer-to-peer cryptocurrencies in the market. Bitcoin Cash is currently ranked 18th when it comes to market cap. BCH cryptocurrency has been among the few sailing smoothly in the past year. BCH has gained over 91% value in 1 year, currently trading at $213. With Bitcoin Cash set to experience its second halving, traders wonder, “How much will BCH be in 2024?”.
Given the complexity of the market and BCH’s current performance, it is important to dig deeper to understand the situation better.
Quick BCH Overview
BCH, or Bitcoin Cash, is a P2P digital crypto that emerged after a hard fork from the original BTC. It entered the market in August 2017 and quickly became one of the most demanded cryptocurrencies.
The aim behind BCH was to address Bitcoin’s lingering limitations. It focused on concurring issues, such as transaction speed and scalability. With continued development, BCH surpassed BTC in block size, low fees, scalability, and quicker transactions.
On the other hand, Bitcoin Cash shares several similarities with Bitcoin, such as its PoW (Proof of Work) consensus mechanism.
Upcoming BCH Halving in 2024
Halving in crypto means an event where the network reduces its miner rewards. For Bitcoin, the halving process occurs approximately every 4 years (after mining a fixed number of blocks).
In the case of Bitcoin Cash, the network has set the halving process at 840,000 blocks. The network has already mined 811,642 blocks, leaving only 28,358 blocks to be mined. According to expert calculations, BCH still has around 200 days left till the halving process.
Given the ever-changing nature of the crypto industry, the expected date can fluctuate with time. However, BCH is expected to conclude its halving in the first half of 2024.
Expert Opinions and Predictions
Since BCH is a popular crypto asset, traders always seek the best.
Given the current market sentiment, experts predict that Bitcoin Cash will reach $397 before 2023 ends. If the trend is followed, it will yield good results for traders who are currently wondering, “Where will Bitcoin Cash be in 2025?”
As per our Bitcoin Cash price prediction 2024, the token is expected to reach a maximum price of $447. At the same time, BCH has the potential to hit $597 before 2025 ends. Based on expert calculations, the amount can reach $1740 before 2030.
Digital Coin Price agrees with the sentiment as it sees BCH hitting a bullish trend. It suggests Bitcoin Cash to reach a peak of $418 in 2023.
On the other hand, GOV Capital predicts BCH to drop to $120 before 2023 ends. The motion is followed by Wallet Investor, who predicts BCH will hit rock bottom at $18 in 2023.
Investment Strategies and Considerations
Here are some investment tips for traders planning to invest in BCH:
- Start by learning more about BCH, its functioning, and upcoming updates, such as halving.
- Keep the portfolio diversified along with Bitcoin Cash to avoid massive losses.
- Decide on a long-term or short-term approach and trade accordingly.
- Only invest an amount that matches your risk tolerance. Do not expect any magic or miracle to happen.
Alternative Perspectives
Although halving is primarily associated with a positive outlook, its complex nature can yield different results.
For example, BCH will have a reduced supply of coins in the market after the halving. The process will slow down inflation, creating artificial demand. However, the process will also reduce the miner rewards, pushing away miners from BCH.
Similarly, halving can get massive media coverage, inviting new traders to BCH. If history is a reference, BCH should recover the loss of less efficient miners in a couple of months.
Therefore, the crypto should surge to new heights 3-4 months after halving is done.
Conclusion
Bitcoin Cash is set to execute its second halving in 2024 first half. Given the network’s popularity and the process’s complexity, BCH halving is a trending topic among crypto traders.
Bitcoin is primarily known for gaining market value shortly after a halving process. BTC had hit its all-time high months after its halving process. That is why traders are expecting BCH halving 2024 to be a game-changer.
