The crypto industry has been suffering for a while now, barring some exceptional coins. BCH or Bitcoin Cash is one such digital asset.
Introduced back in August 2017 through a Bitcoin hard fork, Bitcoin Cash has established a distinct entity now. Based on the market cap, BCH is currently ranked 18th among all cryptocurrencies.
In addition, BCH stands as the few cryptocurrencies that have gained value in the past year. This tendency shown by the coin is keeping traders wondering how high Bitcoin Cash can go. Let’s figure out some market predictions about BCH’s market performance in 2023 and ahead.
Factors Affecting the Price of BCH
Similar to most cryptocurrencies, the price of Bitcoin Cash is also affected by several factors. Here are some of the most prevalent ones:
- Market Sentiment: The general setting of the traditional and crypto market dictates how BCH will perform. Due to uncertainty in the current market, BCH and most cryptocurrencies will have a hard time.
- BTC’s Performance: Despite being a separate coin, BCH’s market performance is closely associated with BTC.
- Updates and Development: The more partnerships and technological updates BCH gets, the better it will do on the market.
- Market Supply: Since BCH has a limited supply of 21 million, its available supply can also affect its price. That’s why the network is conducting a halving process in 2024.
- Regulatory Changes: A change in government policies and regulatory development can also affect Bitcoin Cash’s price.
Historical Price Analysis
BCH hit the market in August 2017 and instantly hit the $1,000 mark due to its association with BTC.
The coin lost value for a couple of months before reaching $2,477. The next month witnessed BCH reaching as high as $4,355. However, the coin failed to reach this peak again, steadily trading under the $500 mark for years.
Currently, Bitcoin Cash has a price of $209, showing an 81.64% increase in the past year. However, this price is 95% below its all-time high in 2017.
But can Bitcoin Cash hit $1000 even under the current market conditions? It definitely can. According to expert crypto predictions, Bitcoin Cash can cross $397 in 2023. Similarly, the coin is expected to hit $597 by 2025.
As for the $1000 mark, experts expect BCH to reach $1740 by 2030. It means a positive outlook for the crypto in the long run.
Market Predictions and Expert Opinions
Several crypto experts and analysis firms have shared an opinion on BCH’s market prediction. For instance, Digital Coin Price sees Bitcoin Cash enjoy a bullish trend in 2023, reaching as high as $418 before the year ends.
On the other hand, GOV Capital sees BCH to be sailing at a steady price of $120 in the upcoming year. Similarly, Long Forecast has predicted BCH to reach $162 by the end of 2023. However, several factors can help BCH reach $1,000 in the future.
Let’s take a look at them!
Factors Supporting a $1000 Price Target
The biggest reason more investors have started wondering, “Will Bitcoin Cash go up?” is the upcoming halving.
Scheduled at a block height of 840,000, halving occurs every 4 years. BCH is set to conduct its first halving in 2024, which will reduce its available supply, creating an artificial scarcity.
Moreover, the market stature of Bitcoin will only surge with time. Given the close affiliation of Bitcoin Cash with Bitcoin, BCH will also enjoy a bright outlook. Above all, as more users get acquainted with crypto, popular options like Bitcoin Cash will make the biggest strides.
Bitcoin Cash has been the talk of the crypto town in recent weeks because of its upcoming halving. The crypto asset has defied all odds to gain over 81% value in the past year.
With its second halving upcoming, Bitcoin Cash is set to generate buzz in media and crypto communities. The movement alone is enough to attract new traders to BCH. Moreover, its technological advancement and limited supply will also help BCH maintain a positive outlook in 2024.